Singapore Economy Avoids a Technical Recession

October 12, 2012 Share Print 0

Singapore’s gross domestic product (GDP) contracted 1.5% in the July to September period, compared with the previous three months of the year.

However, an upward revision of the GDP data for the April to June quarter meant the country narrowly avoided a technical recession, defined as two consecutive quarters of contracting growth.

After years of booming economic prosperity, Singapore is now forecasting relatively modest growth of between 1.5% and 2.5% for this year.

Along with manufacturing, data shows tourism and wholesale trade are also to blame.

And the strong Singapore dollar is adding to the woes of many businesses as it makes exports more expensive overseas.

via BBC

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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.