Crisis? Crash? Singapore economy will grow by around 15% say PAP

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GROWTH FORECAST FOR 2010 AND 2011
S'pore GDP set to grow 15%

THE Singapore economy is expected to grow by around 15 per cent this year and by 4 to 6 per cent in 2011, the Ministry of Trade and Industry announced on Thursday morning.

Preliminary estimates show that the Singapore economy grew by 10.6 per cent in the third quarter, from a year ago, moderating from the record expansion of 19.5 per cent in the second quarter.

Growth momentum, as measured on a seasonally adjusted annualised quarter-on-quarter basis, fell sharply by 18.7 per cent, a reversal from the growth of 27.3 per cent in the preceding quarter. The median forecast in a Bloomberg News survey of 13 economists was for an 11 per cent gain.

The manufacturing sector expanded by 14.3 per cent in the third quarter, from a year earlier, slowing from a strong growth of 46.1 per cent in the previous quarter. The sector contracted by an annualised rate of 53.6 per cent.

This reflected a large contraction in output in the biomedical manufacturing cluster due to a switch in the value-mix of products and scheduled plant maintenance shut-downs.

'Manufacturing may face intense hollowing-out pressures in 2011, given the twin policies of a stronger Singapore dollar and tight foreign worker policy,' Chua Hak Bin, a director of global research at Bank of America Merrill Lynch in Singapore, told Bloomberg news.

The government raised the levies for companies to hire overseas workers this year in a drive to improve productivity.

The construction sector gained 7.1 per cent in the third quarter, from a year ago, while services grew 10.1 per cent.

The financial services sector expanded by 9.3 per cent on a year-on-year basis in the third quarte, largely driven by financial intermediation. Business services grew by 5.4 per cent, mainly on the back of real estate leasing activities. These two sectors also saw continued positive growth momentum, of 6.4 per cent and 2.3 per cent respectively, in the third quarter.

 

[johnny333]

I don't think anyone believes's the pre-election spin that's going on.:(

For the truth I rely on the "train survey". When taking the train I take a look at the number of ads that is posted in the stations & trains.

What I've noticed is that they have stopped using the banks of TVs for live ads. These TVs are located between Newton & Orchard.

The stations are darker because many of the billboards next to the rails are not being used. The lights of these billboards are turned off so it may be hard to see these unused spots.

In the trains, it's pretty bare. Even the community ads from the army is missing.

I don't see any signs of improvenet. Maybe if we changed to cheaper managemenk, e.g. one CEO instead of 3

 

[Conan the Barbarian]

With negative growth as base in 2009, of course 2010 enjoys growth, because it is building up inventory.
Once there is excess, growth tapers and if the worse happens, then becomes negative.

It is easy to grow when the base is negative.

 

[Dreamer1]

A non-partisan report

Singapore GDP contracted 2.1% in 2009.

It is expected to grow by +13 to 14% for 2010.

In the final quarter of 2010,Singapore expects technical recession,due to 2 quarters of negative GDP growth.

Forcast for 2011,from -6% to +6%,depends on result of currency, trade wars on going in the world.

 

[wizard]

They meant THEIR PAY will increase by 15% not your..

 

[myfoot123]

My boss said Lim Swee Say is so stupid to tell the whole world that employers should pay 2.7 months bonuses. I told him that he is referring to his own enterprises and those under the govt. The money usually comes from the tax payers whether in good or bad times. My boss almost choked with his own sliva and didn't say anything. I got his hint too.

 

[moolightaffairs]

My boss said Lim Swee Say is so stupid to tell the whole world that employers should pay 2.7 months bonuses. I told him that he is referring to his own enterprises and those under the govt. The money usually comes from the tax payers whether in good or bad times. My boss almost choked with his own sliva and didn't say anything. I got his hint too.

steady lah! so civil servant this dec got 2.7 mth? huat ah!!!

 

[Watchman]

Wah ! When I read this .

I was thing next year is another round of minister 's salary increase .

 

[moolightaffairs]

Wah ! When I read this .

I was thing next year is another round of minister 's salary increase .

imagine the ministar performance bonus. huat ah!

 

[GoldenDragon]

Wah ! When I read this .

I was thing next year is another round of minister 's salary increase .

You are a great watchman indeed! Pity you can only watch and cannot report to the police on salary increases for ministers.