12 Apr '13, 12am

Singapore GDP Unexpectedly Contracts as Manufacturing Faltered - Bloomberg

Singapore GDP Unexpectedly Contracts as Manufacturing Faltered - Bloomberg

Singapore’s economy unexpectedly contracted last quarter as companies grappled with a labor shortage and exports faltered amid an uneven global recovery. Gross domestic product shrank an annualized 1.4 percent in the three months through March 31 from the previous quarter, when it rose 3.3 percent, the Trade Ministry said today. The median of 10 estimates in a Bloomberg News survey was for 1.7 percent expansion. The Southeast Asian nation’s exports fell the most since 2009 in February, while industrial production slid the most in at least three years. At the same time, Prime Minister Lee Hsien Loong’s move to tighten restrictions on foreign workers and encourage companies to boost productivity has strained business margins and led to a labor shortage. “We expect the manufacturing sector to remain lackluster in 2013,” said Michael Wan, a Singapore-based economist at Credit ...

Full article: http://www.bloomberg.com/news/2013-04-12/singapore-gdp-un...

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