Singapore declares recession over
Official data released Thursday showed gross domestic product (GDP) expanded 14.2 percent in the July-September period on a quarter-on-quarter annualised basis following a 21.7 percent surge in the previous quarter.
"Effectively, the recession in Singapore is over," Ravi Menon, the permanent secretary with the Ministry of Trade and Industry (MTI), said at a media briefing.
Year-on-year, Singapore's GDP grew 0.6 percent in the third quarter compared with a 3.3 percent contraction in the April-June period, the MTI said in its third quarter economic survey.
In its outlook for 2010, the ministry forecasted economic growth of 3.0-5.0 percent while maintaining its existing projection of a contraction of 2.0-2.5 percent this year.
Singapore's trade-reliant economy was the first in Asia to sink into a recession last year as the global downturn hit demand for its exports, especially from the United States.