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October 13, 2009

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Home » Business » Economy

Singapore economy back from recession

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.


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