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, 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
annualised growth from the preliminary estimates of -0.7 per cent to 0.2 per
cent," it said.
"The revision was due to new data from the
construction sector, which registered higher certified progress payments from
private sector industrial and residential projects," it added.
Two successive quarters of negative growth are
regarded as a technical recession. Singapore is seen as a bellwether for Asia's
leading economies because of its sensitivity to world trade.-Interaksyon
(Ocotober 12, 2012 8:45AM)
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