This is why Singapore escaped a technical recession in 3Q12
What could the saving grace be?
According to Bank of America Merrill Lynch, Singapore’s 3Q GDP expanded 1.3% from a year ago. Singapore escaped a technical recession due to upward revision of 2Q GDP to +2.3% YoY (from an initial +2%) and +0.2% QoQ saar.
"Upgrade was largely due to higher growth in the construction sector. We maintain our GDP growth forecast at +1.9% for the full year, within the government forecast of 1.5-2%."