Singapore GDP posts Q4 tumble
By Alex Kennedy |
January 5, 2010, Tuesday
|
Print Edition
Print Edition
SINGAPORE'S economy shrank in the last three months of 2009 after surging for two straight quarters, sparking fears of a renewed recession.
The Trade and Industry Ministry said yesterday that gross domestic product fell a seasonally adjusted 6.8 percent in the fourth quarter, led by a 38 percent plunge in manufacturing.
The economy grew 3.5 percent in the fourth quarter from the same period a year ago and contracted 2.1 percent for all of 2009, the first fall in eight years, the ministry said.
The year "ended with a whimper rather than a bang for the Singapore economy," said Robert Prior-Wandesforde, senior Asia economist with HSBC in Singapore.
The Trade and Industry Ministry said yesterday that gross domestic product fell a seasonally adjusted 6.8 percent in the fourth quarter, led by a 38 percent plunge in manufacturing.
The economy grew 3.5 percent in the fourth quarter from the same period a year ago and contracted 2.1 percent for all of 2009, the first fall in eight years, the ministry said.
The year "ended with a whimper rather than a bang for the Singapore economy," said Robert Prior-Wandesforde, senior Asia economist with HSBC in Singapore.
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