Singapore Gross Domestic Product (GDP) grew 6.1 per cent in the third quarter of 2011 from the same quarter in 2010 (year-on-year basis) based on MTI’s report released on 21 November 2011. This was better than second quarter’s growth rate of only 1.0 per cent.
When compared with the second quarter, the third quarter 2011 expanded a 1.9 per cent on seasonally-adjusted annualised basis (quarter-on-quarter basis). This expansion came after a contraction in the second quarter of 6.4 per cent, which avoided a technical recession in the current quarter.
These set of numbers were better than the advance estimates released by MTI in October.
Forecast for 2011 and 2012
Based on current global economic outlook, the Ministry of Trade & Industry (MTI) had revised the GDP growth rate to around 5.0 per cent for the whole year. As for next year 2012, the forecast for GDP is between 1.0 to 3.0 per cent.
Copyright © 2011, limkimtong for Living Investment
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