3rd Quarter Slow-Down for Most, but not Japan & US
Singapore's Ministry of Trade and Industry (MTI) forecasted, following the release of the nation's 3rd quarter performance data, that its economy would grow 15 per cent for this year, and estimated it to moderate to a 4 to 6 per cent growth for year 2011. Singapore's GDP growth in the 3rd quarter from a year ago moderated to 10.6 per cent, compared to record 19.5 per cent growth in the 2nd quarter. On a quarter-on-quarter comparison, the economy contracted by 18.7 per cent, a reversal from the growth of 27.3 per cent in the previous quarter. However, the Ministry pointed that the economy is likely to experience a modest upturn in the 4th quarter and escape a technical recession, defined as two consecutive quarters of sequential contraction.
AROUND THE REGION
GDP growth in Thailand, Southeast Asia's largest economy after Indonesia, increased 6.7 per cent in the 3rd quarter from a year earlier. Its 2nd quarter growth was reported as 9.2 per cent.
Malaysia's economy expanded the least in the year's past 3 quarters. The economy expanded 5.3 per cent in the 3rd quarter, compared to 8.9 per cent in the previous quarter, reported Malaysia's central bank.
Philippines's growth in the 3rd quarter also eased to a 7.3 per cent expansion following a 7.9 per cent growth during its 2nd quarter results. Incidentally, its 2nd quarter growth was a 3-year high for the Philippines
The Euro area and EU recorded overall slower levels of growth in the 3rd quarter performance; GDP increased by 0.4 per cent, down on the 1.0 per cent recorded in the 2nd quarter. Germany recorded growth of 0.7 per cent, down on 2.3 per cent growth experienced in the 2nd quarter. GDP growth also decelerated in France (0.4 per cent), Italy (0.2 per cent) and the United Kingdom (0.8 per cent).
JAPAN & US
Meanwhile, growth rates rose in Japan (0.9 per cent) and the United States (0.5 per cent), compared with their previous quarter.