Singapore economy shrinks first time since 2003

This article belongs to the Singapore stagflation watch story arc.

guardian.co.uk :

Singapore's trade-driven economy shrank for the first time since 2003 in the fourth quarter as weak manufacturing dragged on growth and momentum is expected to weaken further in 2008. The city-state's economy, which relies heavily on exports, contracted at an annualised, seasonally adjusted rate of 3.2% in the fourth quarter, below a revised 4.4% expansion in the third-quarter and the weakest performance since the second quarter 2003.

"It's very clear that we are no more a fairy-tale economy. Inflation is back, growth is slowing down and the labour market is very tight. These are going to be testing times," said Chua Hak Bin, economist at Citigroup in Singapore. Economies across Asia, many of which are heavily reliant on exports, are bracing for a slowdown in 2008 as a housing downturn takes its toll on the giant U.S. economy.

- From the source, the Ministry of Trade and Industry, "Advance GDP Estimates for Fourth Quarter 2007" :

app.mti.gov.sg :

On a quarter-on-quarter seasonally adjusted annualised basis, real GDP fell by 3.2 per cent, compared with 4.4 per cent gain a quarter earlier, reflecting a slowdown in the manufacturing sector.

Post a Comment:

Comments are closed for this entry.

« Singapore GDP unexpe... | Main | Crude oil hits $100.... »

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out