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Singapore gets sharp GDP revision in Q3

Wednesday, November 25, 2015 - 00:54

Singapore’s economy grew much faster than initially thought in the third quarter, however the uptick may not change the modest outlook for economic growth in the city state. Meg Teckman reports.

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Singapore avoids recession in the third quarter with a much better than expected final reading of the economy. After April to June's contraction of 2.6 percent quarter-on-quarter, Q3 GDP rose nearly two percent on a seasonally adjusted basis. This is a large jump from the government's initially estimated 0.1 percent rise as well as Reuters polls indicating a flat quarter. Growth in the city-state was largely on the back of strong services, with retail and wholesale sectors outperforming. Yet manufacturing remained a drag on the economy for another three months as the uneven global recovery and slowdown in China hit Singapore's exports. This also caused the government to revise its full-year growth forecast down to "close to two percent". Directing the Singaporean economy towards its slowest annual growth since the global financial crisis in 2009. ENDS

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Singapore gets sharp GDP revision in Q3

Wednesday, November 25, 2015 - 00:54