Singapore's economy grew much faster than initially estimated in the third quarter, and blew past analysts' expectations, buoyed by strength in manufacturing activity.

The economy grew 8.8 percent in July-September from the previous quarter on an annualised and seasonally adjusted basis, the Ministry of Trade and Industry (MTI) said in a statement on

Thursday.

The government's initial estimate, released on Oct. 13, had shown that the economy grew 6.3 percent.