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 
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.