Singapore has Iaverted a technical recession in 3Q2015, owing to a stronger-than-expected performance by the services sector.
The government's growth forecast for the full year, however, has been trimmed to "close to 2%", compared with its earlier projection of 2-2.5%.
On a seasonally adjusted, annualised basis, the economy grew 1.9% q-o-q, reversing from 2Q's 2.6% contraction, the Ministry of Trade and Industry says on Wednesday. This compares an earlier flash estimate of a 0.1% expansion.
Compared with a year earlier, the economy grew a better-than-expected 1.9% in 3Q. This was slightly higher than an earlier estimate of 1.4%.
Growth was supported mainly by services industries, given the faltering manufacturing sector which contracted 6.2% over the same quarter a year ago.
The economy is forecast to expand by between 1% and 3% in 2016. While global growth is expected to improve next year as developed economies such as the US and Euro zone continue to pick up pace, MTI says, this might not translate into a significant lift for Singapore and its regional neighbours. China's waning growth, the services-driven nature of US growth, and the trend of in-sourcing in China and the US are likely to dampen external demand for Singapore's exports.
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The government's growth forecast for the full year, however, has been trimmed to "close to 2%", compared with its earlier projection of 2-2.5%.
On a seasonally adjusted, annualised basis, the economy grew 1.9% q-o-q, reversing from 2Q's 2.6% contraction, the Ministry of Trade and Industry says on Wednesday. This compares an earlier flash estimate of a 0.1% expansion.
Compared with a year earlier, the economy grew a better-than-expected 1.9% in 3Q. This was slightly higher than an earlier estimate of 1.4%.
Growth was supported mainly by services industries, given the faltering manufacturing sector which contracted 6.2% over the same quarter a year ago.
The economy is forecast to expand by between 1% and 3% in 2016. While global growth is expected to improve next year as developed economies such as the US and Euro zone continue to pick up pace, MTI says, this might not translate into a significant lift for Singapore and its regional neighbours. China's waning growth, the services-driven nature of US growth, and the trend of in-sourcing in China and the US are likely to dampen external demand for Singapore's exports.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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