31 Dec '12, 12pm

Singapore Growth Eases In 2012 Amid Weak External Demand: The Singapore economy expanded at a slower rate this y...

The Singapore economy expanded at a slower rate this year as economic slowdown in advanced countries and labor shortage in some industries weighed on growth, Prime Minister Lee Hsien Loong said Monday. In his New Year message, Lee said growth has weakened to 1.2 percent this year, owing mainly to weaknesses in the U.S., European and Japanese economies. The slowdown also reflected an increasing shortage of workforce and high operating costs for business es. The estimate indicates that GDP contracted for a second time in a row in the fourth quarter, and the economy may have slipped into a technical recession, the first since 2009. The Singapore Trade Ministry is scheduled to release its detailed GDP data for the fourth quarter on January 2. In 2013, the economy is expected to expand 1-3 percent, and further growth will likely remain slower than in the preceding years, Lee sa...

Full article: http://www.rttnews.com/story.aspx?Id=2030285

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