Singapore's economy is on track to expand between 13 and 15 percent this year after gross domestic product (GDP) surged an annual 10.3 percent in the third quarter, the government said Thursday.
Growth in the third quarter was slower than the 19.6 percent rise recorded in the previous quarter but this was expected after "exceptional growth" in the first-half of the year," the Ministry of Trade and Industry said.
On a seasonally adjusted quarter-on-quarter basis, the economy shrank 19.8 percent after expanding 27.3 percent in the second quarter, the ministry said in a statement.
"The decline in growth momentum was an expected correction from the exceptional growth in the first half of the year," the ministry said in the statement.
"Growth in the rest of the year will be underpinned by a number of industry-specific factors.
"In particular, continued growth in global demand for electronic products will lend some support to the electronics and precision engineering clusters."
Singapore's small and open economy shrank 1.3 percent in 2009 due to the US-led global economic downturn, but has since rebounded quickly.
Sources: http://sg.finance.yahoo.com/news/Singapore-economy-grows-10-3-afpsg-3062674949.html?x=0
