Posted on 26 Feb 2009
Singapore economy shrinks 4.2% in 4th quarter
Singapore said its economy shrank more than previously estimated in the fourth quarter, as a global collapse in trade hit the country's exports.
Singapore's gross domestic product shrank 4.2 percent in the October-December period from the same quarter a year earlier, more than the 3.7 percent contraction the government reported last month, the Trade and Industry Ministry said Thursday.
The economy shrank a seasonally adjusted, annualized 16.4 percent in the fourth quarter, the ministry said. GDP grew 1.1 percent last year and 7.8 percent in 2007, the ministry said.
The government expects the economy to contract as much as 5 percent this year as many of the country's biggest industries - such as manufacturing, finance and tourism - all suffer in the face of a severe global slowdown.
