Singapore economy grows 20.4% in Q2

SINGAPORE: Singapore said on Tuesday its economy grew 20.4 percent in the quarter to June, suggesting the city-state is emerging from its worst ever recession.

The Ministry of Trade and Industry said the rebound in the second quarter, measured on a seasonally adjusted annualised basis, was led by the key biomedical and electronics sectors.

The ministry also narrowed its growth outlook for 2009 to a contraction of 4.0-6.0 percent from 6.0-9.0 percent previously.

Singapore's export-led economy sank into a recession in the third quarter of last year after two successive quarters of economic contraction.