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Jan 4, 2010
Singapore's Q4 GDP shrinks 6.8%
By Fiona Chan
GDP in the October-December period grew 3.5 per cent from a year earlier, the second quarterly growth after three quarters of annual contraction. -- PHOTO: AFP
SINGAPORE'S economy shrank by more than expected in the fourth quarter last year, as the manufacturing sector stalled after a collapse in drugs output.
The economy contracted by 6.8 per cent between September and December, a sharp reversal from the buoyant growth seen in the previous two quarters, when the economy surged 21.6 per cent in the second quarter and 14.9 per cent in the third quarter.
But the growth numbers, released by the Ministry of Trade and Industry (MTI) on Monday morning, were not all bad.
Compared to a year ago, the economy grew by 3.5 per cent in the fourth quarter, said MTI.
This means that for the full year, Singapore's economy shrank by only 2.1 per cent last year. This is at the better end of the Government's estimate of a contraction of 2 to 2.5 per cent, and means last year's recession was smaller than during the dot-com bust in 2001, when the economy shrank 2.4 per cent.
MTI's estimates today are based on data from October and November, with the final figures only expected out next month.
Singapore's Q4 GDP shrinks 6.8%
By Fiona Chan
GDP in the October-December period grew 3.5 per cent from a year earlier, the second quarterly growth after three quarters of annual contraction. -- PHOTO: AFP
SINGAPORE'S economy shrank by more than expected in the fourth quarter last year, as the manufacturing sector stalled after a collapse in drugs output.
The economy contracted by 6.8 per cent between September and December, a sharp reversal from the buoyant growth seen in the previous two quarters, when the economy surged 21.6 per cent in the second quarter and 14.9 per cent in the third quarter.
But the growth numbers, released by the Ministry of Trade and Industry (MTI) on Monday morning, were not all bad.
Compared to a year ago, the economy grew by 3.5 per cent in the fourth quarter, said MTI.
This means that for the full year, Singapore's economy shrank by only 2.1 per cent last year. This is at the better end of the Government's estimate of a contraction of 2 to 2.5 per cent, and means last year's recession was smaller than during the dot-com bust in 2001, when the economy shrank 2.4 per cent.
MTI's estimates today are based on data from October and November, with the final figures only expected out next month.
