Singapore's economy emerges from recession in Q2
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Singapore says economy jumps 20 percent in second quarter, raises 2009 growth forecast
By Alex Kennedy, Associated Press Writer
On Monday July 13, 2009, 11:45 pm EDT
SINGAPORE (AP) -- Singapore's economy grew for the first time in a year, soaring 20 percent in the second quarter, a sign Asia is emerging from the global slump.
Gross domestic product jumped an annualized, seasonally adjusted 20.4 percent in the three months through June from the previous quarter, the Trade and Industry Ministry said Tuesday in a statement. It said GDP fell 3.7 percent from year earlier after a 9.6 percent drop in the first quarter.
The ministry now expects the Southeast Asian city-state's economy to shrink between 4 percent and 6 percent this year, better than its previous forecast of a contraction between 6 percent and 9 percent.
"The Singapore economy is back and back with a vengeance," said Robert Prior-Wandesforde, senior Asia economist for HSBC in Singapore. "We very much doubt that today's Singapore GDP release will be the last in Asia to provide a sizable upside surprise."
The island's economy -- which relies on exports, finance and tourism -- had contracted the previous four quarters as it reeled from a collapse in global trade triggered by the financial crisis. An annualized 16.4 percent drop in the October-December period was the nadir of its deepest recession since splitting from Malaysia in 1965.
Singapore is the first major Asia economy to report second quarter GDP results. The second quarter GDP estimate was calculated using data largely from April and May and is subject to revision.
The ministry revised its first quarter economic figures to an annualized contraction of 12.7 percent from its initial estimate in April of a 19.7 percent contraction.
A surge in pharmaceutical production helped boost growth in the second quarter. Manufacturing fell 1.5 percent from a year ago compared to a 24 percent contraction in the first quarter. Construction rose 18 percent in the second quarter while services dropped 5.1 percent.
The ministry warned that the rebound in manufacturing could wane over the rest of the year.
"A sizable part of Singapore's manufacturing uptick came from a spike in biomedical manufacturing output and electronics inventory restocking, both of which may not be sustained," the ministry said.
Demand for exports from the U.S., Europe and Japan remains weak, but Singapore's sales to Indonesia, Malaysia and China have picked up, said Irvin Seah, an economist with DBS bank in Singapore.
"The main driver for this recovery has been our exports to the region," Seah said. "We're seeing strong demand from Asia, especially China."
"Asia is showing signs that it is able to drive its own demand, which is a good sign for the region's growth."
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Is this for real ? Or is it manipulation of statistic/figures?
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use different statisitics methods to churn out the figures?
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so is up or down?
Why they always quote differently one
few days say..we are still in the worse
then more jobs
then now emerge
wow pay them millions
how any quote de
so easy job
me also want!!
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Originally posted by noahnoah:
so is up or down?
Why they always quote differently one
few days say..we are still in the worse
then more jobs
then now emerge
wow pay them millions
how any quote de
so easy job
me also want!!
Always base on the reality than the nice story from the govt (knowing well what kind of govt we have).
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just waiting to read supporting articles from them to claim sg economy emerges from recession.
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Singapore's economy emerges from recession in Q2
Elections coming.
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wow
Sg recovery
The thunder group sure very happy
very soon
going to increase prices again
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Originally posted by noahnoah:
wow
Sg recovery
The thunder group sure very happy
very soon
going to increase prices again
noah, they already increase prices now, u dunno mehreduce transport fare by 2 cents, increase rebate fares by 10 cents. increase prices of some products in NTUC.
See this is the great govt u voted in to "help" people "cut down" costs during this worst recession ever. Great is PAP great is PAP! ha ha ha, great moneysuckers.
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Originally posted by Fantagf:
noah, they already increase prices now, u dunno mehreduce transport fare by 2 cents, increase rebate fares by 10 cents. increase prices of some products in NTUC.
See this is the great govt u voted in to "help" people "cut down" costs during this worst recession ever. Great is PAP great is PAP! ha ha ha, great moneysuckers.
wow u dun always put the blame on me lelater i dun dare to step out of my house
For no reason,
i tio hammer by hammer party hor
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someone had to fill in space regarding economic recovery.actually theres only slight improvement from news report.
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nice trick for me to vote for them
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Originally posted by tERMINATOR20000000:
someone had to fill in space regarding economic recovery.actually theres only slight improvement from news report.
yes. thank goodness the lim swee say and the national wage chairman did not give fake impression that the employment market is back to normal. -
Numbers don't lie.
But the people who compile them do.
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Originally posted by Stevenson101:
Numbers don't lie.
But the people who compile them do.
You must be 1 of those people who compile the numbers
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Originally posted by cliffton:
You must be 1 of those people who compile the numbers
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Originally posted by cliffton:
You must be 1 of those people who compile the numbers
Sadly, not being paid enough to do that. -
Originally posted by Stevenson101:
Sadly, not being paid enough to do that.
No worry, steve. go join PAP as minister and be the highest paid politician in the world. -
Originally posted by Stevenson101:
Sadly, not being paid enough to do that.
threaten to expose them if they don't pay you enough money -
Loks like election coming soon. A lot of good news even for opposition wards (lift upgrading).
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I won't vote for the PAP despite all the good news because I know that if I vote for PAP and they win, there will be alot of bad news in future and the bad news will definetly be more than the good news.
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Originally posted by cliffton:
I won't vote for the PAP despite all the good news because I know that if I vote for PAP and they win, there will be alot of bad news in future and the bad news will definetly be more than the good news.
Yeah. But a lot of Singaporeans only see short term.
Haiz.
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confirm election coming liao
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I have a feeling unless the employment rate for the local improve, it is going to be hard to convince the rest of the population that the economy improves. It could b true that election is approaching soon n unless the world economy improves, this year GDP forecast might still look bad. Look at the election in Japan, the LDP ruled the country for a long time and they also lost in the regional election.
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Originally posted by will4:
I have a feeling unless the employment rate for the local improve, it is going to be hard to convince the rest of the population that the economy improves. It could b true that election is approaching soon n unless the world economy improves, this year GDP forecast might still look bad. Look at the election in Japan, the LDP ruled the country for a long time and they also lost in the regional election.
The people at the top have said there will be another wave of retrenchments in the next few months ahead.
So it remains to see whether this spike is sustainable.