Spore GDP Contracted More Than Expected

[sgnewsalte]

Are they paid more than they deserve then?

http://www.economicnews.ca/cepnews/wire/article/197353

Singapore GDP Contracts More Than Expected

(CEP News) - Singapore's preliminary gross domestic product (GDP) contracted 12.5% in the fourth quarter, against expectations for a 3.4% quarter-over-quarter contraction and the upwardly revised 5.4% decrease seen in the third quarter, originally reported as -6.3%.

GDP was down 2.6% year over year, against a 0.3% annual decline in the third quarter.

The report, released by Singapore's Ministry of Trade and Industry Friday morning (Thursday night EST) said the sharpest annual declines were in the manufacturing sector, down 9.0% from one year ago. The construction sector was up 13.3% annually and the services and producing component was up 1.1%.

 

[lolabunny]

Are they paid more than they deserve then?

http://www.economicnews.ca/cepnews/wire/article/197353

Singapore GDP Contracts More Than Expected

(CEP News) - Singapore's preliminary gross domestic product (GDP) contracted 12.5% in the fourth quarter, against expectations for a 3.4% quarter-over-quarter contraction and the upwardly revised 5.4% decrease seen in the third quarter, originally reported as -6.3%.

GDP was down 2.6% year over year, against a 0.3% annual decline in the third quarter.

The report, released by Singapore's Ministry of Trade and Industry Friday morning (Thursday night EST) said the sharpest annual declines were in the manufacturing sector, down 9.0% from one year ago. The construction sector was up 13.3% annually and the services and producing component was up 1.1%.

Is 12.5% contraction considered high? What does this figure actually mean?


I'm not very good with economic figures, hopefully some smart guy can elaborate on this.

 

[popdod]

Will unemployment rate hit as high as 5%?

:o

 

[jw5]

Of course.
That's not the issue.
The issue is what we are going to do about it.

 

[angie II]

"The issue here is u all must continue to vote for PAP" hehehe..
​

 

[johnny333]

The issue is what we are going to do about it.

No one wants to take a pay cut lah.

You have a minority of privileged telling the majority to sacrifice for the good of "Singapore". Its so very easy to preach

 

[lolabunny]

After so many posts with inane comments, no one can actually have anything knowledgeable to say.

 

[Hope]

Are they paid more than they deserve then?

http://www.economicnews.ca/cepnews/wire/article/197353

Singapore GDP Contracts More Than Expected

(CEP News) - Singapore's preliminary gross domestic product (GDP) contracted 12.5% in the fourth quarter, against expectations for a 3.4% quarter-over-quarter contraction and the upwardly revised 5.4% decrease seen in the third quarter, originally reported as -6.3%.

GDP was down 2.6% year over year, against a 0.3% annual decline in the third quarter.

The report, released by Singapore's Ministry of Trade and Industry Friday morning (Thursday night EST) said the sharpest annual declines were in the manufacturing sector, down 9.0% from one year ago. The construction sector was up 13.3% annually and the services and producing component was up 1.1%.

Wow,this is really bad,12.5%.

The prospect of things picking up during first,second or even third quarters 2009 is not that bright either,so we may end up with annual contraction of more than 10%,4th 08 to 3rd 09,that would be historical record,and PAP may actually collapse,as Ah Bengs and Ah Lians would stage revolution for sure.

The only positive point that I can see now is the whole world is flush with cold CASH($$$$)not only Uncle Sam,ECB and even Commies fr PRC are puming out free money freely,whether the cash can be put to productive use or just stay inside the bank drawers,we need to watch.

 

[Perspective]

Of course.
That's not the issue.
The issue is what we are going to do about it.

I would add that no matter how the GDP moves, the unemployment rate is always high and salaries are low.

 

[theblackhole]

Singapore recession set to deepen

By Jack Burton in Singapore

Published: January 2 2009 05:01 | Last updated: January 2 2009 05:01

Singapore said on Friday the economy could contract by up to 2 per cent this year, raising fears that the city-state could be facing its worst downturn since independence in 1965.

The ministry of trade and industry cut its forecast after the economy contracted by 2.6 per cent in the fourth quarter of 2008 from a year earlier, a significantly sharper fall than the market had expected.

Singapore, whose economy is highly dependent on global trade, already looks set to become the poorest performer among south-east Asian economies this year and one of the worst in Asia, alongside Taiwan.

”The growth outlook for the regional economies has also deteriorated, with more economies now expected to register negative or flat growth next year,” the trade ministry said.

Private economists also revised downward their forecasts, with Citigroup predicting that the economy could shrink by 2.8 in 2009.

All of Singapore’s manufacturing industries are suffering, with a 9 per cent fall in the sector from a year ago. Exports of electronics fell for a 20th consecutive month in November. Singapore’s oil rig builders, the world’s leaders, reported that they received no new orders in the fourth quarter as global oil demand weakened.

In addition, the service sector also slowed faster than expected to only 1.1 per cent from a year ago. Singapore’s main service industries include financial services and tourism, both of which have been hit hard by the global recession.

”The slowdown in services is significant as this sector, which makes up two-thirds of GDP, remained relatively resilient in previous quarters despite the collapse in manufacturing,” said Kit Wei Zheng, a Citigroup economist in Singapore.

The economy had been steadily deteriorating this year, with growth in the fourth quarter down 12.5 per cent from the previous quarter, more than twice the pace of the 5.4 per cent fall in the July-September period. The economy grew by 1.5 per cent in 2008 against 7.7 per cent in 2007.

Economists expect the government to unveil a stimulus package when it makes its budget proposal on January 22. Measures are likely to include accelerated building of infrastructure projects. Construction is the only bright spot in the economy, with the sector growing by 13.3 per cent in the fourth quarter.

The central bank may decide to ease monetary policy and the value of the Singapore dollar to help exports when it holds its next meeting in April.

Copyright The Financial Times Limited 2009

 

[Hope]

Singapore recession set to deepen

By Jack Burton in Singapore

Published: January 2 2009 05:01 | Last updated: January 2 2009 05:01

Singapore said on Friday the economy could contract by up to 2 per cent this year, raising fears that the city-state could be facing its worst downturn since independence in 1965.

The ministry of trade and industry cut its forecast after the economy contracted by 2.6 per cent in the fourth quarter of 2008 from a year earlier, a significantly sharper fall than the market had expected.

Singapore, whose economy is highly dependent on global trade, already looks set to become the poorest performer among south-east Asian economies this year and one of the worst in Asia, alongside Taiwan.

”The growth outlook for the regional economies has also deteriorated, with more economies now expected to register negative or flat growth next year,” the trade ministry said.

Private economists also revised downward their forecasts, with Citigroup predicting that the economy could shrink by 2.8 in 2009.

All of Singapore’s manufacturing industries are suffering, with a 9 per cent fall in the sector from a year ago. Exports of electronics fell for a 20th consecutive month in November. Singapore’s oil rig builders, the world’s leaders, reported that they received no new orders in the fourth quarter as global oil demand weakened.

In addition, the service sector also slowed faster than expected to only 1.1 per cent from a year ago. Singapore’s main service industries include financial services and tourism, both of which have been hit hard by the global recession.

”The slowdown in services is significant as this sector, which makes up two-thirds of GDP, remained relatively resilient in previous quarters despite the collapse in manufacturing,” said Kit Wei Zheng, a Citigroup economist in Singapore.

The economy had been steadily deteriorating this year, with growth in the fourth quarter down 12.5 per cent from the previous quarter, more than twice the pace of the 5.4 per cent fall in the July-September period. The economy grew by 1.5 per cent in 2008 against 7.7 per cent in 2007.

Economists expect the government to unveil a stimulus package when it makes its budget proposal on January 22. Measures are likely to include accelerated building of infrastructure projects. Construction is the only bright spot in the economy, with the sector growing by 13.3 per cent in the fourth quarter.

The central bank may decide to ease monetary policy and the value of the Singapore dollar to help exports when it holds its next meeting in April.

Copyright The Financial Times Limited 2009

Oh,it is not so bad then.

It is
the economy contracted by 2.6 per cent in the fourth quarter of 2008 from a year earlier,4th quarter 2007.


growth in the fourth quarter down 12.5 per cent from the previous quarter(3rd quarter 2008),

My forecat would be a further contraction of 3-4% in 2009,far from 10% which i predicted earlier.

There wouldnt be revolution in 2009.

 

[johnny333]

There wouldnt be revolution in 2009.

Just a longer que to get out of Spore

 

[jw5]

I would add that no matter how the GDP moves, the unemployment rate is always high and salaries are low.

The mean salary is high whereas the median salary is low.

 

[jw5]

No one wants to take a pay cut lah.

You have a minority of privileged telling the majority to sacrifice for the good of "Singapore". Its so very easy to preach

Exactly.
That's why we need to do something about it.

 

[johnny333]

Exactly.
That's why we need to do something about it.

I used to live in an opposition ward, but now live in a walkover ward.
Many of the 33% must be equally "fixed"

 

[batman1]

Are they paid more than they deserve then?

http://www.economicnews.ca/cepnews/wire/article/197353

Singapore GDP Contracts More Than Expected

(CEP News) - Singapore's preliminary gross domestic product (GDP) contracted 12.5% in the fourth quarter, against expectations for a 3.4% quarter-over-quarter contraction and the upwardly revised 5.4% decrease seen in the third quarter, originally reported as -6.3%.

GDP was down 2.6% year over year, against a 0.3% annual decline in the third quarter.

The report, released by Singapore's Ministry of Trade and Industry Friday morning (Thursday night EST) said the sharpest annual declines were in the manufacturing sector, down 9.0% from one year ago. The construction sector was up 13.3% annually and the services and producing component was up 1.1%.

The facts are the MIW got NO solutions to the current economic recession and increasing jobless rates.
The facts are the MIW deserve a 90% pay cut.

 

[leesengfatt]

Wearing Black on a New Year's Day...