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.
![Q3-BT.jpg](http://www.straitstimes.com/STI/STIMEDIA/image/20091005/Q3-BT.jpg)
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.