China lifts Singapore out of recession
Mariko Oi, reporter, BBC Asian Business Report
There was a big sigh of relief for many Singaporeans as the economy expanded in the second quarter at its fastest rate in nearly 6 years.
Growth surpassed expectations, with a more than 20% rise from the previous quarter. All thanks to a surge in biomedical production.
Manufacturing is not exactly a huge part of Singapore's economy, but the island specialises in pharmaceuticals and high-end specialist manufacturing.
And increased demand for flu vaccines helped an already recession-proof sector to expand.
Exports, which are the real lifeblood of Singapore's economy, rose nearly 6% in May. Shipments of raw materials such as iron ore are picking up. The reason, yet again, appears to be China.
The government now says it expects the economy to shrink between 4% to 6% this year, up from a previous forecast of a 6% to 9% contraction.
Mariko Oi, reporter, BBC Asian Business Report
There was a big sigh of relief for many Singaporeans as the economy expanded in the second quarter at its fastest rate in nearly 6 years.
Growth surpassed expectations, with a more than 20% rise from the previous quarter. All thanks to a surge in biomedical production.
Manufacturing is not exactly a huge part of Singapore's economy, but the island specialises in pharmaceuticals and high-end specialist manufacturing.
And increased demand for flu vaccines helped an already recession-proof sector to expand.
Exports, which are the real lifeblood of Singapore's economy, rose nearly 6% in May. Shipments of raw materials such as iron ore are picking up. The reason, yet again, appears to be China.
The government now says it expects the economy to shrink between 4% to 6% this year, up from a previous forecast of a 6% to 9% contraction.