Singapore on the economic rebound
A resurgence in the manufacturing sector in Singapore has led the Asian nation out of recession with early figures showing that gross domestic product rose in the June quarter, according to advanced estimates issued by Singapore’s Ministry of Trade and Industry.
The estimates, extrapolated from the first two months of the quarter, indicate that on a seasonally-adjusted annualised basis, real GDP rose by 20.4 percent compared to the first quarter.
The figures prompted the ministry to announce that it expected the Singapore economy to contract by between 4-6 percent in 2009, less severe than the 6-9 percent range initially forecast.
A statement declared that three factors informed the revised forecast: upward revision in first quarter performance, a spike in biomedical manufacturing output leading to improved second quarter performance, and a subdued outlook for the rest of the year.