October 12 2009 - Singapore sees recovery continue
Source - BBC
Singapore's economy has surged for a second consecutive quarter, continuing the recovery from its worst recession.
Gross domestic product expanded at an annualised rate of 14.9% between July and September, following a revised 22% jump in the previous three months.
Singapore, which is heavily reliant on tourism, trade and finance, said a "clear recovery" was under way.
But it warned that woes in developed nations meant economic activity would remain below pre-crisis levels.
The economy also expanded from a year earlier for the first time since the third quarter of 2008, the Trade and Industry Ministry said. GDP was up 0.8% from the July to September period in 2008.
Despite the growth, Singapore still expects its economy to have shrunk during 2009 as a whole, though this contraction is expected to be between 2% and 2.5% rather than the 4%-6% range previously forecast.
"A regional, if not world, trade recovery has begun and looks set to continue," said Robert Prior-Wandesforde, senior Asia economist at HSBC in Singapore, who expects Singapore's economy to grow 6.5% next year.
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