Singapore Economy Grew 0.8%

SINGAPORE - Singapore Economic third quarter grew approximately 0.8 percent during the last three months to September period from a year ago. These figures reinforce the country's recovery from the worst recession.

"In fact, the recovery is in progress globally. At least for three or four quarters," he disclosed the Ministry of Trade and Industry of Singapore was quoted as saying by the AFP, Monday (12/10/2009).

However, not for the gross domestic product (GDP) is predicted to fall in 2009. The government has also been estimated on an annual basis will be contracted from 2.0 to 2.5 percent, far below previous estimates of 4-6 percent negative growth.

This is because Singapore's economy depends on trade at the beginning of the year to expand in five quarters and this figure is also based on the period from July to August. This estimate is expected to be revised to September period.

"One of the factors such as measures of fiscal stimulus will continue to support growth in the short term," said Ministry of Commerce.

On a quarterly basis, GDP rose 14.9 percent after a revised 22 percent in the second quarter to June. These numbers are consecutive quarters of growth. While growth in the third quarter driven by expansion in the biomedical and electronics manufacturing industry, which is the main pillar of Singapore's industrial sector.

As for the manufacturing sector, which contributes almost a quarter of Singapore's GDP, grew 8.3 percent in the third quarter from a year ago and expanded 34.9 percent on a quarterly basis.

Meanwhile, service industries shrank to 2.4 percent, but expanded 9.5 percent on a quarterly basis, as well as the construction sector surged 12.4 percent on an annual basis but declined 0.6 percent on a quarterly basis.

"This growth is driven by the expansion of biomedical and electronics manufacturing output. In addition, increased trade and tourism-related sectors of the economy gradually stabilized," he said.

For your information, depending on the Singapore trading after sinking into economic recession in the second quarter of 2008 due to the global financial crisis. This is hurting demand for exports to major markets including the United States and the European Union.