Singapore economy shrinks but avoids recession

Singapore economy shrinks but avoids recession | Economy

gmanetwork.com 12 Oct '12, 3am

Singapore economy shrinks but avoids recession

— Singapore's economy shrank by 1.5 percent in the third quarter but avoided a technical recession after growth in the previous three months was adjusted up, government figures showed Friday. The Ministry of Trade and Industry said the export-driven city-state was still on track to achieve annual growth of 1.5-2.5 percent in 2012. "Economic growth in the second quarter was better than expected, resulting in an upward revision of quarter-on-quarter annualized growth from the preliminary estimates of minus 0.7 per cent to (plus) 0.2 per cent," it said. The revision was thanks to new data showing stronger growth in both industrial and residential building, it added. Construction expanded 14.3 percent in the June quarter instead of 0.9 percent as earlier estimated. Two successive quarters of negative growth are regarded as a technical recession. Singapore is seen as a bellweth...

Full article: http://www.gmanetwork.com/news/story/277982/economy/finan...

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@BreakingPH » 12 Oct '12, 11am
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@rmpilar » 12 Oct '12, 11am
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RT @gmanews: Singapore economy shrinks but avoids recession | [link]
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RT @gmanews: Singapore economy shrinks but avoids recession | [link]
@gmanews » 12 Oct '12, 6am
Singapore economy shrinks but avoids recession | [link]
@newsman_net » 12 Oct '12, 3am
Singapore economy shrinks but avoids recession [link]