Singapore Economy contracted 6.8%
Economy October 11th, 2009
Singapore’s economy contracted in the IV/2009 quarter compared to 6.8 percent the previous quarter. However, the Ministry of Trade stated that the slowdown is still below the previous estimates.
In comparison, in the same period in 2008, gross domestic product (GDP) grew 3.5 percent Singapore. A weaker GDP IV/2009 Singapore in the first quarter was marked by a drop in manufacturing output growth is the key. During the period October to December 2009, manufacturing contracted 38.4 percent of Singapore dibandingka the same period last year. Manufacturing performance in the last quarter of last year is surprising considering the previous three months sempatmenguat29, 6 percent. “Degradation of the largest manufacturing output occurred in the pharmaceutical sector, and transportation machinery,” Commerce Ministry said yesterday.
Singapore Ministry of Trade noted that manufacturing growth occurs only in the electronic industry, chemical and high-precision machines. Outside manufacturing, the growing economic sectors are tourism and financial services by 7.2 percent in the quarterly and construction gained 4.3 percent. Earlier on New Year’s celebrations in 2010, Prime Minister of Singapore Lee Hsien Loong announced that the State economy during the 2009 Lions will be contracted 2.1 per cent because it is still affected by the global economic crisis.
Lee estimated that this year Singapore’s economy will grow 3-5 percent. Meanwhile, DBS said based on available research does the fact that the demand for pharmaceutical products has been reduced in line with the lack of impact of swine flu that had struck several countries. According to DBS, the weakening manufacturing sector into a pillar of the economy and trade may obscure the economic recovery from the crisis. However, the improved performance of the financial sector in encouraging enough to support economic predictions.
“Overall the economy is still on track and our growth forecast up 6 percent,” wrote DBS. Singapore became the first country hit by recession in Asia in the quarter after the investment bank III/2008 United States (U.S.) Lehman Brothers went bankrupt and the impact of economic decline throughout the last year dunia.November Singapore Government has announced that the recession is over, but still warned that the recovery process depends on its main trading partners, namely U.S., EU, and Japan.
