21 November 2011 03:00 [Source: ICIS news]
On a seasonally adjusted quarter-on-quarter annualised basis, the economy grew by 1.9% after a 6.4% contraction in the preceding quarter, according to a statement released by the Ministry of Trade and Industry (MTI).
The city-state’s manufacturing sector expanded by 14.2% year on year in the third quarter, after contracting by 5.6% in the preceding quarter, the MTI said.
However, the MTI cautioned that growth for the fourth quarter is likely to weaken in line with deteriorating external macroeconomic conditions and is expecting a growth of around 5% for the year 2011 from a previous estimate of 5-6%.
The MTI is expecting to see a pullback in growth in the biomedical manufacturing cluster after a strong surge in the third quarter.
For the next year 2012, MTI forecasts the city-state’s economic growth to be 1-3%, seeing a modest performance from the biomedical manufacturing cluster on an increase in production of active pharmaceutical ingredients and biologics.
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