S'pore Q3 GDP up 15%
SINGAPORE'S economy grew an annualised 14.9 per cent in the third quarter, driven by the continued expansion of biomedical and electronics manufacturing output.
This is the second consecutive expansion, following a 22 per cent growth in the second quarter. Compared to a year ago, the economy grew by 0.8 per cent, after a 3.2 per cent contraction in the previous quarter.
The manufacturing sector expanded by 35 per cent on a seasonally-adjusted annualised basis, on the back of the previous quarter's spike of 59 per cent. This increase was primarily due to a continued surge in the production of higher value active pharmaceutical ingredients in the biomedical manufacturing cluster, said the Ministry of Trade and Industry in a statement on Monday morning..
MTI added that trade-related and tourism sectors of the economy also improved on the back of a gradual stabilisation in global economic conditions.
'Taking these factors into account, MTI is upgrading the economic growth forecast for 2009 to -2.5 to -2.0 per cent,' it said. This is less than an earlier forecast for a contraction of 4 per cent to 6 per cent.
'A clear but modest recovery is underway globally, at least for the next three or four quarters,' said MTI. 'However, economic activity will probably remain below pre-crisis levels because of the drag on demand in the developed economies posed by high levels of spare capacity and tight credit conditions.
A sustained recovery in private consumption and investment in the developed economies is needed to support growth momentum into the second half of 2010, it added.
SINGAPORE'S economy grew an annualised 14.9 per cent in the third quarter, driven by the continued expansion of biomedical and electronics manufacturing output.
This is the second consecutive expansion, following a 22 per cent growth in the second quarter. Compared to a year ago, the economy grew by 0.8 per cent, after a 3.2 per cent contraction in the previous quarter.
The manufacturing sector expanded by 35 per cent on a seasonally-adjusted annualised basis, on the back of the previous quarter's spike of 59 per cent. This increase was primarily due to a continued surge in the production of higher value active pharmaceutical ingredients in the biomedical manufacturing cluster, said the Ministry of Trade and Industry in a statement on Monday morning..
MTI added that trade-related and tourism sectors of the economy also improved on the back of a gradual stabilisation in global economic conditions.
'Taking these factors into account, MTI is upgrading the economic growth forecast for 2009 to -2.5 to -2.0 per cent,' it said. This is less than an earlier forecast for a contraction of 4 per cent to 6 per cent.
'A clear but modest recovery is underway globally, at least for the next three or four quarters,' said MTI. 'However, economic activity will probably remain below pre-crisis levels because of the drag on demand in the developed economies posed by high levels of spare capacity and tight credit conditions.
A sustained recovery in private consumption and investment in the developed economies is needed to support growth momentum into the second half of 2010, it added.
