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01-05-2010, 01:42 AM #1
Singapore’s Economy Shrinks By 6.8% In Q4
According to Singapore government reports, the country’s economy has slowed down in the Q4, with gross domestic product (GDP) shrinking by 6.8%.
The report says that negative trend of the economy in 2009 was earlier forecast to be around 2% as envisaged by the Industry Ministry. And now, the fourth quarter of the year saw a 2.1% contraction.
During the last quarter, the manufacturing sector was weak and the contraction was 38.4% on a seasonally adjusted quarter-on-quarter annualised basis, which is a reverse trend from the 29.6% expansion in the third quarter.
The services sector grew at a more moderate pace and it showed a 7.2% growth in the same period. But, in the Q3, the sector showed a healthy growth of about 10.9%. The reason might be due to a slowdown in wholesale and retail trade from its strong growth in the third quarter.
Most of the other segments like financial services saw increased commercial activity including foreign exchange trading and Asian Currency Unit business. However, the exact details are to be released in February this year.