Singapore has been spared a widely feared recession. The government yesterday reported the economy grew 1.8 per cent in the fourth quarter of 2012 compared with the third quarter, when the gross domestic product shrank 6.3 per cent. But look how narrowly Singapore averted a recession in the third quarter. The revised estimates put out by the ministry show the economy grew 0,2 per cent, and not 0.5 per cent in the second quarter as previously reported. Two straight quarters of negative growth would have meant the economy was in recession.
|GDP (quarter on quarter)||9.5||0.2||-6.3||1.8|
Actually, the ministry initially reported the economy contracted 0.7 per cent in the second quarter compared with the first quarter. The ministry said so in this press release dated August 10, 2012.