Tuesday, January 01, 2008
Singapore GDP Contracts in Fourth Quarter
Singapore's economy unexpectedly contracted last quarter as factory output slowed, suggesting Asia's export-dependent markets may face increased risks from slower global growth.Manufacturing gained 0.5% overall, but electronics exports have been dropping since February. The big question is if construction will slow considerably in Singapore as a result of tightness in the credit markets. If it had not been for construction, Singapore's fourth quarter GDP would have been really bad.
Gross domestic product shrank an annualized 3.2 percent after adjusting for inflation, the first decline in 15 quarters, and followed a revised 4.4 percent expansion in the third quarter, the trade ministry said in a statement today.
Japan's economy has been weak this year. Japan and Taiwan will report fourth quarter in February.
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