Singapore revises Q4 GDP to -16.4 pct, keeps outlook
INGAPORE, Feb 26 - Singapore issued revised 2008 GDP estimates on Thursday showing the export-reliant economy contracted by 16.4 percent in the fourth quarter, and reiterated its forecast that it will shrink by 2-5 percent this year.
"The economy is likely to continue to perform weakly in the first half of 2009," the Ministry of Trade and Industry said in a 130-page detailed survey of the Singapore economy in 2008.
The manufacturing sector will be weighed down by declines in global demand for electronic products, pharmaceuticals and chemicals, the ministry said, while financial services are likely to slow as volatile markets keep many investors on the sidelines.
Singapore's economy shrank 16.4 percent on an annualised, seasonally adjusted quarter-on-quarter basis but grew 1.1 percent for the whole of 2008, the ministry said in a statement.
The manufacturing sector declined by 10.7 per cent in the fourth quarter from a year ago, while services contracted 1.3 percent. Singapore's gross domestic product declined by 4.2 percent in October-December on a year-on-year basis.
The government's latest figures were little changed from estimates released on Jan 21, which showed the economy shrank an annualised 16.9 percent in the fourth quarter and grew 1.2 percent for the whole year.
The financial sector suffered a sharp contraction in the fourth quarter, declining 8.1 percent from a year ago.
"As the current downturn takes its toll, the near-term outlook for trade and investment appears bleak, not only for Singapore but also for most countries across the world," the ministry said.
INGAPORE, Feb 26 - Singapore issued revised 2008 GDP estimates on Thursday showing the export-reliant economy contracted by 16.4 percent in the fourth quarter, and reiterated its forecast that it will shrink by 2-5 percent this year.
"The economy is likely to continue to perform weakly in the first half of 2009," the Ministry of Trade and Industry said in a 130-page detailed survey of the Singapore economy in 2008.
The manufacturing sector will be weighed down by declines in global demand for electronic products, pharmaceuticals and chemicals, the ministry said, while financial services are likely to slow as volatile markets keep many investors on the sidelines.
Singapore's economy shrank 16.4 percent on an annualised, seasonally adjusted quarter-on-quarter basis but grew 1.1 percent for the whole of 2008, the ministry said in a statement.
The manufacturing sector declined by 10.7 per cent in the fourth quarter from a year ago, while services contracted 1.3 percent. Singapore's gross domestic product declined by 4.2 percent in October-December on a year-on-year basis.
The government's latest figures were little changed from estimates released on Jan 21, which showed the economy shrank an annualised 16.9 percent in the fourth quarter and grew 1.2 percent for the whole year.
The financial sector suffered a sharp contraction in the fourth quarter, declining 8.1 percent from a year ago.
"As the current downturn takes its toll, the near-term outlook for trade and investment appears bleak, not only for Singapore but also for most countries across the world," the ministry said.
