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Singapore Q3 GDP rises 0.6%, avoids recession

Reuters SG

SINGAPORE, Oct 14 (Reuters) - Singapore's economy grew less than expected in the third quarter from the previous three months on an annualised basis, but avoided slipping into a technical recession, preliminary data showed on Monday.

Gross domestic product (GDP) rose 0.6% in the July-September quarter from the previous quarter on an anualised and seasonally adjusted basis, the Ministry of Trade and Industry said in a statement, compared with a revised 2.7% contraction the quarter before.

Analysts polled by Reuters had expected growth of 1.5%.

The standard technical definition of a recession is two consecutive quarters of economic contraction. The last time Singapore entered a recession was in the first quarter of 2009 during the global financial crisis.

Compared with a year earlier, GDP grew 0.1% in the third quarter, slightly below the 0.2% expansion forecast in a Reuters poll and unchanged from the quarter earlier. (Reporting by Fathin Ungku; Editing by Kim Coghill)