Singapore GDP Beats Growth Forecasts in Q3 with 1.9%

November 25, 2015 Share Print 0

Singapore’s economy grew at a much faster clip in the third quarter than initially estimated, as an influx of visitors boosted the hospitality and retail sectors.

The economy grew by 1.9 percent on-quarter between in the September quarter, compared with a 2.5 percent contraction in the preceding three months, the Department of Statistics said Wednesday.

The advance estimate released last month showed the economy had eked out a 0.1 percent gain.

The latest reading proves that the export-oriented island-state avoided a technical recession, which is typically defined as two successive quarters in which the economy contracted from the previous three months.

The Ministry of Trade and Industry expects growth to be 2 percent for all of 2015 and it forecasts an economic expansion of between 1 and 3 percent in 2016.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.