Trade Ministry and Gross Domestic Product

Gross domestic product: Gross domestic product rose an annualized 0.1 percent in the three months through June from the previous quarter, when it climbed a revised 1.8 percent, the trade ministry said in a statement today. That compares with a July estimate of a 0.8 percent contraction and the median forecast in a News survey of 14 economists for a 0.3 percent drop, according to Bloomberg. The export-dependent Southeast Asian nation is set to benefit from a recovery in global growth, which is helping to offset higher business costs as the government pursues a plan to slow the inflow of foreign workers, boost productivity and attract new industries. The U.S. economy is improving, the euro area will benefit from an accommodative monetary policy and China has taken steps to support expansion, Singapores trade ministry said. Photographer: Brent Lewin/ Singapores economy unexpectedly expanded last quarter as manufacturing declined less than initially estimated amid recoveries in advanced countries. While global growth in the first quarter of the year turned out weaker than expected, recent incoming data suggest that global economic activities are recovering modestly, the trade ministry said. Externally-oriented sectors such as finance, insurance and wholesale trade are likely to support expansion in the second half, it said. (news.financializer.com). As reported in the news.