Singapore GDP for the July to September quarter was up 14.9 per cent.
SINGAPORE - Singapore's economy has surged for a second straight quarter in the July-to-September period as manufacturing leads the city-state out of recession.
Gross domestic product grew an annualised, seasonally adjusted 14.9 per cent in the third quarter, following a jump of 22 per cent the previous quarter, the Trade and Industry Ministry said Monday.
The economy also expanded - up 0.8 per cent - from a year earlier for the first time since the third quarter of 2008, the ministry said.
"A clear but modest recovery is under way globally, at least for the next three or four quarters," the ministry said. "However, economic activity will probably remain below pre-crisis levels because of the drag on demand in the developed economies."
The government boosted its 2009 GDP forecast to a contraction of between 2 per cent and 2.5 per cent from a previous expectation of a fall between 4 per cent and 6 per cent.
Singapore relies on trade, finance and tourism to sustain one of Asia's highest living standards. Manufacturing soared an annualized, seasonally adjusted 35 per cent in the third quarter while services grew 9.5 per cent.
Economists generally define a recession as two consecutive quarters of economic contraction while an economy emerges from recession with two quarters of growth.
The central bank said Monday it left unchanged its exchange rate policy, favouring neither an appreciation nor depreciation of the Singapore dollar. The bank, known as the Monetary Authority of Singapore, said it expected inflation near 0 per cent this year and between 1 per cent and 2 per cent next year.
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