Singapore recession is over

Singapore recession is over

Nov 20, 2009 - PropertyGuru.com.sg

Singapore declared yesterday that its recession was over, as its economy grew for the second straight quarter in the three months to September.

Official data showed that Singapore’s gross domestic product (GDP) increased 14.2 percent in the third quarter for its quarter-on-quarter annualized basis, following a 21.7 percent growth in the previous quarter.

“Effectively, the recession in Singapore is over,” said Ministry of Trade and Industry’s (MTI) Second Permanent Secretary, Ravi Menon, during a media briefing.

"Economies around the world are now turning the corner," he said. "Singapore has benefited from these global and regional trends."

The country’s year-on-year GDP increased 0.6 percent in the third quarter, as compared to the 3.3 percent contraction in the second quarter, said MTI in its Q3 economic survey.

In its forecast for 2010, MTI predicted a 3.0 to 5.0 percent economic growth, while maintaining the existing 2.0 to 2.5 percent projection of a contraction this year.

The trade-reliant economy of the country was the first in Asia to decline due to the recession last year, as the global downturn hit demands for its exports, especially from the US.