SINGAPORE – Singapore said State recession due to the worst global economic crisis that had clung State Lions began the end.
These data indicated the existence of the Singapore economy to grow throughout the second quarter, within three months to September.
Official data released Thursday showed the local time of the gross domestic product (GDP) to 14.2 percent during the period from July to September 2009. Earlier in the previous quarter had a minus 21.7 percent.
“Effectively, the recession in Singapore has done,” said the Permanent Secretary Ministry of Trade and Industry (MTI) Ravi Menon, as quoted by AFP on Thursday (19/11/2009).
Based on the calculations of year on year (YoY), Singapore’s GDP grew 0.6 percent in the third quarter, while the April-June period contracted 3.3 percent.
In the outlook for 2010, economic growth estimated at 3-5 percent. As for this year’s economic projections of the sustained contraction 2-2,5 percent.
Singapore went into recession by the trade sector. The fall of export demand, particularly from the United States, is the trigger. Singapore also became the first country in Asia affected by the recession in 2008.
