Singapore 3rd Qtr GDP Shrinks 1.5% from 2nd Qtr

Singapore avoided becoming the first major Asian economy to slip into a technical recession this year as second quarter GDP was revised to show a slight expansion. The fall in Q3 GDP was led by manufacturing, which contracted 3.9 percent q/q SAAR but grew 0.7 percent y/y. Services expanded 0.1 percent q/q SAAR, while construction contracted 7.5 percent q/q SAAR. From a year earlier, services expanded 1.1 percent and construction grew 8.6 percent. Singapore reiterated its forecast for GDP growth of 1.5 to 2.5 percent this year. The economy grew 4.9 percent in 2011.-rtrs

The Sing$ advances to 1.2210/15 from a high of 1.2285/90 before the release as the central bank left monetary policy on hold citing inflation worries.