Singapore's GDP final reading grew 0.6% in the third quarter from a year earlier compared with a previous contraction by 3.3% in the second quarter and the reading came more than analyst's estimates of 0.5%. On quarterly basis, gross domestic product expanded 14.2% from a preliminary 14.9%, while forecasts referred to 14.0%.

The Trade Ministry said the economy is expected to shrink between 2.0% and 2.5% this year before it expand between 3% and 5% in 2010, while inflation expectations were raised to be between 2.5% and 3.5% from 1% to 2%.