Singapore just narrowly avoided a technical recession

Photo by Suhaimi Abdullah/Getty Images

Singapore’s economy eked out miniscule expansion during the September quarter with the government’s advanced GDP estimate coming in at 0.1%.

The figure, a sharp improvement on the 2.5% contraction of the June quarter and expectations for a decline of 0.1%, left the annual pace of growth at 1.4%, down on the 2.0% pace seen previously.

The services sector expanded by 3.0% from a year earlier, moderating from the 3.6% growth rate of the June quarter.

Elsewhere the manufacturing sector contracted by 6.0% on a year-on-year basis, extending the 4.9% decline in the previous quarter, while the construction sector expanded by 1.6% from 12 months earlier, moderating from the 2.0% pace registered previously.

The government will release its preliminary GDP estimate as part of its economic survey of Singapore that will be released next month.

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