SINGAPORE, Nov 22 Reuters Singapore39;s economy grew faster than initial estimates in the third quarter, helped by a resurgence in tourism and service sector activity, although authorities warned of risks to the outlook from inflation and geopolitics.

Gross domestic product GDP rose 1.1 yearonyear, government data showed on Wednesday, higher than the initial estimates of 0.7 released last month.

On a quarteronquarter seasonallyadjusted basis, gross domestic product expanded 1.4 in the July to September period, compared with 1 in advanced estimates.

The trade ministry narrowed GDP growth to around 1.0 in 2023 from the lower half of 0.5 to 1.5 range.

It expects GDP growth in 2024 to be from 1.0 to 3.0.

Better than expected third quarter GDP growth confirms that the economy is on track for a stronger recovery going into 2024, said Maybank economist Chua Hak Bin.

Chua added that the upgrade from flash estimates was due to improvements in the services sector with financial services expanding and accommodation and retail trade supported by buoyant tourist arrivals.

Gabriel Lim, permanent secretary of policy at the Ministry of Trade Industry, said during a press conference that significant downside risks in the global economy remain.

First, sticky core inflation in advanced economies could induce central banks to maintain current high interest rates for longer, said Lim. Second, an escalation or widening of the IsraelHamas conflict or war in Ukraine could lead to…