Singapore's economy grew for the first time in a year, soaring 20 percent in the second quarter, a sign Asia is emerging from the global slump.

Gross domestic product jumped an annualized, seasonally adjusted 20.4 percent in the three months through June from the previous quarter, the Trade and Industry Ministry said July 14 in a statement. It said GDP fell 3.7 percent from a year earlier after a 9.6 percent drop in the first quarter.

The ministry expects the city-state's economy to shrink between 4 percent and 6 percent this year, better than its previous forecast of a contraction between 6 percent and 9 percent.

The economy, which relies on exports, finance and tourism, had contracted the previous four quarters as it reeled from a collapse in global trade triggered by the financial crisis. An annualized 16.4 percent drop in the October-December period was the nadir of its deepest recession since splitting from Malaysia in 1965.