Singapore's economy grew 5.4% in the July-September quarter from a year earlier, higher than the 4.1% official advance estimate released last month and above market expectations, government data showed on Friday.

Singapore on Friday upgraded its economic outlook for 2024 as third quarter gross domestic product growth beat expectations and initial estimates, helped by stronger semiconductor production and engineering demand.

Singapore said on Friday its economy grew more than expected in the third quarter and raised its forecast for the year, thanks to stronger demand from key trading partners. The trade ministry said it saw expansion of "around 3.