Singapore economy back from recession
By Alex Kennedy |
October 13, 2009, Tuesday
|
Print Edition
Print Edition
SINGAPORE'S economy has surged for a second straight quarter as manufacturing cemented the city-state's emergence from recession.
Gross domestic product grew an annualized, seasonally adjusted 14.9 percent in the third quarter, following a jump of 22 percent the previous quarter, the Trade and Industry Ministry said yesterday.
The economy also expanded from a year earlier for the first time since the third quarter of 2008, the ministry said. GDP was up 0.8 percent from the July-September quarter of 2008.
The government boosted its GDP forecast to a contraction of between 2 percent and 2.5 percent from a previous expectation of a fall between 4 percent and 6 percent.
Manufacturing soared an annualized, seasonally adjusted 35 percent in the third quarter while services grew some 9.5 percent.
Gross domestic product grew an annualized, seasonally adjusted 14.9 percent in the third quarter, following a jump of 22 percent the previous quarter, the Trade and Industry Ministry said yesterday.
The economy also expanded from a year earlier for the first time since the third quarter of 2008, the ministry said. GDP was up 0.8 percent from the July-September quarter of 2008.
The government boosted its GDP forecast to a contraction of between 2 percent and 2.5 percent from a previous expectation of a fall between 4 percent and 6 percent.
Manufacturing soared an annualized, seasonally adjusted 35 percent in the third quarter while services grew some 9.5 percent.
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