The Monetary Authority of Singapore said in a statement that official estimates showed the economy expanding 0.1 per cent in the three months to September, after contracting 2.5 per cent in the second quarter.
Singapore saw a slight expansion of its economy in the third quarter, as gains in housing construction and services made up for losses in the country’s export-oriented manufacturing sector, according to an International Business Times report. A recession is usually said to occur when there is a decline in economic growth for more than two consecutive quarters.
Still, gains were slim and the Monetary Authority of Singapore (MAS) went ahead with an expected weakening of its currency – the second time it has done so this year – to help exporters. It named bleak global growth and China’s slowdown as contributing factors.
“The subdued global growth will exert a drag on the external-oriented sectors in Singapore in the quarters ahead,” MAS said in a statement.
Within manufacturing, a cutback in oil exploration activities will weigh on the transport engineering cluster. Weakness in IT production may persist due to factors like a sluggish final demand.
MAS uses the exchange rate rather than interest rates to boost or slow the economy. The government expects full-year growth this year to be from 2 to 2.5 per cent.
Read the full report on the International Business Times.
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