03 Jan '12, 9pm

Singapore's Q4 GDP shrinks, Republic faces technical recession: SINGAPORE - The economy shrank for the second ti...

SINGAPORE - The economy shrank for the second time in three quarters, signalling it may slip into a technical recession as a slump in manufacturing output and slowdown in external demand hurt exports. Advance estimates showed gross domestic product fell an annualised 4.9 per cent in the fourth quarter of last year from the previous three months, when it climbed a revised 1.5 per cent, the Ministry of Trade and Industry said yesterday. Manufacturing output plunged 21.7 per cent quarter-on-quarter, it said. The economic crisis facing Singapore's key trading partners took its toll on the island nation's small economy as the sovereign debt crisis in the euro zone and weak growth in the US economy crimped demand for goods and services. The contraction in the fourth quarter capped a year when Singapore's growth eased to 4.8 per cent after a record 14.5 per cent expansion in 2010...

Full article: http://www.todayonline.com/Hotnews/EDC120104-0000058/Sing...

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