Marina Bay Sands and the Esplanade (photo: Randal Rayborn)

By Lukman Khairduddin, Channel NewsAsia – Singapore on Thursday declared a severe recession over as data showed its economy grew for the second straight quarter in the three months to September.

Official data released on Thursday showed gross domestic product (GDP) expanded 14.2 per cent in the July-September period on a quarter-on-quarter annualised basis following a 21.7 per cent surge in the previous quarter.

“Effectively, the recession in Singapore is over,” Ravi Menon, permanent secretary with the Ministry of Trade and Industry (MTI), said at a media briefing.

“Economies around the world are now turning the corner… Singapore has benefited from these global and regional trends.”

Year-on-year, Singapore’s GDP grew 0.6 per cent in the third quarter compared with a 3.3 per cent contraction in the April-June period, the MTI said in its third-quarter economic survey.

The 0.6 per cent annual growth in the July-September period was the economy’s first positive showing since the third quarter of 2008, when the city-state slid into a recession.

Growth in the third quarter was powered by the key manufacturing sector, which posted expansion of 26.6 per cent on a quarterly basis following a 58.5 per cent surge in the previous quarter, the ministry said.

Other sectors also turned in a positive display including the wholesale and retail industries, which grew 10.8 per cent after a 7.9 per cent increase in the second quarter, it said. Wholesale and retail make up two-thirds of the economy. – read more at ChannelNewsAsia.com…