Singapore’s economy expanded more than initially estimated last quarter as manufacturing and services improved, reinforcing the nation’s emergence from its worst recession since independence 44 years ago.
Gross domestic product gained an annualized 20.7 percent last quarter from the previous three months, after shrinking a revised 12.2 percent between January and March, the trade ministry said today. Second-quarter growth was more than a July estimate of 20.4 percent. The median forecast in a Bloomberg survey was for a 19.2 percent gain.
Singapore raised its 2009 forecast for exports today, predicting overseas shipments may drop between 10 percent and 12 percent, less than a previous estimate of as much as 13 percent. Governments worldwide have pledged about $2 trillion in stimulus to counter the global recession, helping stabilize sales by Asian companies including Frasers Centrepoint Ltd.
“Given increasing signs of stabilization in the global economy and improvements in the region, together with the help of the government’s f Continue reading
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