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.