14 Oct '11, 12am

Singapore's Q3 GDP grows by 5.9% on-year, up by 1.3% quarter-on-quarter

SINGAPORE: Singapore's economy grew by 5.9 percent on a year-on-year basis in the third quarter of 2011. On a quarter-on-quarter basis, the economy grew by 1.3 percent, a reversal from a contraction of 6.3 percent in the previous quarter. Releasing the advance GDP estimates for the third quarter on Friday, the Ministry of Trade and Industry (MTI) said that the Singapore economy is expected to grow by around 5.0 percent in 2011. Commenting on sectoral performances, MTI said the improved economic performance in the third quarter was mainly due to a pick-up in growth in the biomedical manufacturing cluster. It said the manufacturing sector expanded by 13.2 per cent in the third quarter on a year-on-year basis, after contracting by 5.8 per cent in the preceding quarter. The construction sector grew marginally by 0.4 per cent on a year-on-year basis in the third quarter, follow...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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