Trade-dependent Singapore narrowly avoided a technical recession in the third quarter, boosted by growth in services and a smaller contraction in manufacturing, government data showed Wednesday.
The outlook remained subdued, however, as an economic slump in key market China is hurting demand for exports from its Asian neighbours.
Singapore's gross domestic product (GDP) expanded 1.4 percent year-on-year in the three months to September, slowing from 2.0 percent growth in the June quarter, advance estimates from the trade ministry showed.
From the previous three months, GDP grew 0.1 percent, defying analysts prediction for another quarter-on-quarter contraction, which would have pushed the economy into a technical recession. GDP had already shrunk 2.5 percent quarter-on-quarter in June.
A technical recession is defined as two consecutive quarters of quarter-on-quarter fall in GDP.
The advance GDP estimates however are based on only two months of data -- July and August -- and adjustments could be made when the final numbers are calculated with the September figures.
Singapore's manufacturing sector, a pillar for the trade-sensitive economy, fell 3.6 percent from the previous quarter but the pace of the decline moderated sharply from the 17.4 percent shrinkage in June.
Growth in services improved marginally, but construction turned negative.
"Singapore narrowly averted a technical recession with third quarter GDP showing a marginal gain due to positive quarterly growth in services, which offset contraction in manufacturing and construction," said Rajiv Biswas, Asia-Pacific chief economist at IHS Global Insight.
"However this marginal increase in Q3 GDP quarter-on-quarter is an advance estimate, and weak September data for manufacturing output and exports could still push Singapore into technical recession once final Q3 GDP data is released," he told AFP.
In a separate move, the Monetary Authority of Singapore (MAS) said it was slowing the pace of the appreciation of the Singapore dollar as it eased monetary policy in a bid to boost exports.
A weaker Singapore dollar makes the country's exports cheaper and more competitive in the international market.
"The Singapore economy is projected to expand at a modest pace for the rest of 2015 and in 2016, with the uplift from the firmer US economy tempered by weaker growth prospects in the region," MAS said.
AFP
Wed Oct 14 2015
Singapore's growth in services improved marginally, but construction turned negative.
Rusia, Malaysia jalin kerjasama dalam pelancongan mesra Muslim
Rusia dan Malaysia sedia utingkatkan pelancongan mesra Muslim menerusi kerjasama baharu antara badan pensijilan halal Rusia, Roskachestvo dan Pusat Pelancongan Islam Malaysia.
IShowSpeed tiba di KL, terima baju batik daripada peminat
Speed menerima hadiah daripada beberapa orang peminat Malaysia ketika kenderaannya berhenti di lampu isyarat di ibu negara pada Selasa,
Penyanyi Sean Diddy ditangakp di New York
Penerbit muzik terkenal, Puff Daddy atau lebih dikenali sebagai Sean Diddy Combs yang berdepan dengan beberapa tuduhan serangan seksual telah diberkas di Manhatann, New York oleh ejen persekutuan pada Isnin waktu tempatan.
10 maut, puluhan cedera bas Iran terbalik
Menurut angka awal, kemalangan itu mengakibatkan 10 maut dan 41 cedera.
Malaysia perlu melabur dalam infrastruktur
Pengarah Eksekutif Ukrainian Prism, Hennadiy Maksak berpandangan, Malaysia juga tidak boleh bergantung kepada satu laluan, selain menjalin hubungan yang baik dengan negara-negara jiran.
Lebih 1,000 rakyat termasuk pejuang Hezbollah cedera parah
Lebih seribu rakyat Lubnan termasuk anggota pejuang Hezbollah dan petugas perubatan cedera parah dalam satu letupan pada Selasa.
Tetingkap Tunggal Nasional memudahkan operasi perdagangan antara Malaysia dan China
Menteri Pelaburan, Perdagangan dan Industri (MITI), Tengku Datuk Seri Zafrul Tengku Abdul Aziz berpendapat inisiatif Tetingkap Tunggal Nasional (National single window) yang bakal diharmonikan Bersama system kastam China akan memudahkan operasi perniagaan dan perdagangan (ease of doing business) antara Malaysia dan China.
Medan selera perlu ditambah baik, kemudahan asas tidak lengkap
Air bergenang di lantai dan tempias sehingga meja makan mengakibatkan pengunjung basah. Itu situasi apabila keadaan hujan lebat di Medan Selera Taman Makmur di dalam Dewan Undangan Negeri (DUN) Mahkota yang menempatkan deretan 12 kedai makan.
Calon manfaat platform media sosial dekati pengundi luar
Kempen Pilihan Raya Kecil (PRK) Dewan Undangan Negeri (DUN) Mahkota turut memberi tumpuan kepada penggunaan media sosial bagi menambat hati pengundi luar selain kempen secara bersemuka.
Seorang wanita maut jatuh lubang saluran air
Seorang wanita maut selepas terjatuh ke dalam lubang saluran air sedalam dua meter ketika menyertai aktiviti mendaki di Bukit Cherok Tok Kun pada Selasa.
Penguatkuasaan, pelaksanaan Akta 446 tidak akan ditangguh - Awang Hashim
Kerajaan menerusi Kementerian Sumber Manusia mengambil keputusan untuk tidak menangguhkan penguatkuasaan pindaan terbaharu Akta Standard Minimum Perumahan dan Kemudahan Pekerja 1990 (Akta 446).