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REFILE-POLL-Singapore economy expands as recovery broadens

Published 10/06/2009, 04:58 AM
Updated 10/06/2009, 05:00 AM
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STAN
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(Refiling to correct period in second paragraph)

* What: Singapore advance Q3 GDP estimates

* When: Monday, Oct 12, 8 a.m. (0000 GMT)

* Q3 s/adj annualised rate 13.2 pct, yr/yr 0.25 pct

SINGAPORE, Oct 6 (Reuters) - Singapore's economy continued its robust growth in the third quarter, a Reuters poll shows, as the base of the recovery extended beyond pharmaceuticals into the wider manufacturing and services industries. Manufacturing, excluding biomedical production, enjoyed three months of sequential growth from June to August, while financial services were lifted by robust stock market turnover and the tourism slump was easing.

"The V-shaped recovery that started in the second quarter has now likely broadened beyond biomedicals, which matters since the biomedicals sector arguably has limited spillovers to the broader economy," Citi economist Wei Zheng Kit said.

The median of the Reuters poll of 10 economists shows the gross domestic product in the July-September period to have expanded at an annualised and seasonally adjusted rate of 13.2 percent, versus growth of 20.7 percent in the second quarter.

The median of the poll also showed the third quarter GDP to have risen 0.25 percent from a year earlier, compared with an annual contraction of 3.5 percent in the second quarter.

To track Singapore economic data, click here

Forecasts for Singapore's advance Q3 GDP estimates

Percentage change

vs Q209* vs Q308 CITI 21.0 1.5 ING Financial Markets 15.2 0.5 HSBC 15.0 0.5 Action Economics 14.5 0.4 DBS 13.4 0.1 BARCLAYS 13.0 0.0 UOB 12.1 -0.2 FORECAST 10.8 -0.5 OCBC 5.8 0.6 Standard Chartered 1.2 -2.7 -------------------------------------------------- Median 13.2 0.25 High 21.0 1.5 Low 1.2 -2.7 FINAL GDP (PCT CHANGE)

Q209 Q109 Q408 Q308 Q208 Q108 Q407 Q307 SAAR* +20.7 -12.2 -16.4 -2.1 -7.7 12.2 -1.6 8.3 YoY** -3.5 -9.5 -4.2 0.0 2.5 6.7 5.5 9.5 * Seasonally adjusted annualised rate ** Year on Year (Reporting by Nopporn Wong-Anan; Editing by Jan Dahinten)

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