Factory output fall revives technical recession chatter
Industrial production continues to contract for the eighth straight month in September
Singapore
TALK of a third-quarter technical recession was revived on Monday, after data showed that manufacturing output continued to contract for the eighth straight month in September. Industrial production dropped 4.8 per cent year on year last month - although the pace of decline eased from August's 7.1 per cent fall.
A technical recession is defined as two straight quarters of sequential contraction in GDP (gross domestic product) - something Singapore has narrowly dodged in Q3, according to advance growth estimates by the Ministry of Trade and Industry (MTI).
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Economy & Policy
Daily Debrief: What Happened Today (May 3)
Singapore hotels’ average room rate grows in March; tourist arrivals reach new post-Covid high
Singapore retail sales up 2.7% in March, extending growth
Singapore and Canada to enhance science and technology cooperation
Singapore’s PMI dips in April but remains in expansion for 8th straight month
Daily Debrief: What Happened Today (May 2)