{"id":2741,"date":"2015-10-20T10:07:40","date_gmt":"2015-10-20T02:07:40","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=2741"},"modified":"2022-07-01T03:35:15","modified_gmt":"2022-06-30T19:35:15","slug":"singapore-narrowly-avoids-recession-on-housing-construction-services","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/singapore-narrowly-avoids-recession-on-housing-construction-services\/","title":{"rendered":"Singapore narrowly avoids recession on housing construction services"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><h3><strong><i>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.<\/i><\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">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\u2019s export-oriented manufacturing sector, according to an <\/span><a href=\"http:\/\/www.ibtimes.com\/singapore-avoids-recession-despite-china-slowdown-still-weakens-currency-help-2140527\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">International Business Times<\/span><\/a><span style=\"font-weight: 400;\"> report. A recession is usually said to occur when there is a decline in economic growth for more than two consecutive\u00a0quarters.\u00a0<\/span><\/p>\n<figure id=\"attachment_15668\" aria-describedby=\"caption-attachment-15668\" style=\"width: 1254px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-15668\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2015\/10\/singapore-housing-contruction-service-recession-1.jpg\" alt=\"Singapore housing construction services recession\" width=\"1254\" height=\"836\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2015\/10\/singapore-housing-contruction-service-recession-1.jpg 1254w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2015\/10\/singapore-housing-contruction-service-recession-1-940x627.jpg 940w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2015\/10\/singapore-housing-contruction-service-recession-1-440x294.jpg 440w\" sizes=\"(max-width: 1254px) 100vw, 1254px\" \/><figcaption id=\"caption-attachment-15668\" class=\"wp-caption-text\">Construction of residential buildings in Singapore.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Still, gains were slim and the Monetary Authority of Singapore (MAS) went ahead with an expected weakening of its currency \u2013 the second time it has done so this year \u2013 to help exporters. It named bleak global growth and China\u2019s slowdown as contributing factors. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201c<\/span><span style=\"font-weight: 400;\">The subdued global growth will exert a drag on the external-oriented sectors in Singapore in the quarters ahead,&#8221; MAS said in a statement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">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. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read the full report on the <\/span><a href=\"http:\/\/www.ibtimes.com\/singapore-avoids-recession-despite-china-slowdown-still-weakens-currency-help-2140527\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">International Business Times<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><br \/>\n<span style=\"font-weight: 400;\"> \u00a0<\/span><\/p>\n<p>If you enjoyed this article, you might be interested in\u00a0<a class=\"yoast-link-suggestion__value\" href=\"https:\/\/www.99.co\/singapore\/insider\/singapore-property-market-turned-corner\/\" target=\"_blank\" rel=\"noopener\">Has the Singapore property market turned the corner?<\/a> and <a href=\"https:\/\/www.99.co\/singapore\/insider\/congratulations-to-hdb-qingjian-international-for-winning-the-first-ever-top-award-for-construction-quality-hougang-capeview\/\">Congratulations to HDB &amp; Qingjian International for winning the first-ever top award for construction quality @ Hougang Capeview<\/a>.<\/p>\n<p><i>Find the home of your dreams today at Singapore\u2019s largest <a href=\"https:\/\/www.99.co\/?utm_source=blog%20main%20site%20conversion\">property portal, 99.co<\/a>!<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&hellip;<\/p>\n","protected":false},"author":17,"featured_media":54000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,53589,57131],"tags":[53796,53797,53798,53641],"persona":[],"class_list":{"2":"type-post","14":"entry","15":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- 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