12 Jul '13, 12am

BREAKING: Singapore’s economy expands more than forecast on manufacturing |

BREAKING: Singapore’s economy expands more than forecast on manufacturing |

Singapore ’s economy expanded more than economists estimated last quarter as manufacturing rebounded and services strengthened, reducing pressure on the central bank to ease monetary policy and bolster growth. Gross domestic product rose an annualized 15.2 percent in the three months through June from the previous quarter, when it grew 1.8 percent, the Trade Ministry said in a statement today. That exceeded all 12 estimates in a Bloomberg News survey, where the median was for an 8.1 percent expansion. Rising local demand has shielded some Asian nations from an uneven global recovery, with Singapore’s jobless rate near a five-year low spurring private consumption. The Monetary Authority of Singapore has let its dollar weaken about 3 percent against the greenback in the past six months, boosting the island’s export competitiveness, even after sticking to a policy of allowing...

Full article: http://www.bloomberg.com/news/2013-07-12/singapore-s-econ...

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