Strong recovery continues, Sg growth forecast revised up
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Channel NewsAsia - Monday, October 12
Singapore: The economic growth forecast for 2009 has been revised upwards to between —2.5% and —2.0%, the Ministry of Trade and Industry said in a news release Monday.
It also said the Singapore economy expanded by 0.8% year—on—year in the third quarter of 2009 with growth driven by the biomedical and electronics sector and improvements in the trade—related and tourism sectors of the economy on the back of a gradual stabilisation in global economic conditions.
This is the first such growth in five quarters.
Advance estimates by the MTI show that in the third quarter of 2009, Singapore’s GDP expanded by 14.9% on a seasonally—adjusted quarter—on—quarter annualised basis, following a 22.0 per cent expansion in the second quarter of the year.
In year—on—year terms, the economy grew by 0.8%, compared to a 3.2% contraction in the preceding quarter.
MTI noted that a clear but modest recovery is underway globally, at least for the next three or four quarters.
However it also cautioned that economic activity will probably remain below pre—crisis levels because a sustained recovery in private consumption and investment in the developed economies is needed to support growth momentum into the second half of 2010.
It added that Singapore’s economic prospects in 2010 will be closely tied to the conditions in the external environmen with trade—dependent sectors more likely to continue to benefit from a gradual resumption in global and regional trade flows in 2010.
In its latest economic report card Singapore’s manufacturing sector showed an expansion by 35% on a seasonally—adjusted quarter—on—quarter annualised basis, on the back of the previous quarter’s spike of 59%.
This increase was primarily due to demand in higher value active pharmaceutical ingredients in the biomedical manufacturing cluster, as well as greater electronics restocking activities as consumers bought more electronic products.
However, the construction sector declined by 0.6% compared to an expansion of 33% in the previous quarter as construction for industrial building projects slowed down.
The services producing industries expanded by 9.5% on a seasonally—adjusted quarter—on—quarter annualised basis in the third quarter of 2009, compared to 8.3% in the preceding quarter.
The trade—related and tourism sectors also improved while financial services sector posted modest growth.
— CNA/sf
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This is the first such growth in five quarters.
I don't monitor the growth rate. Can anybody verify if the above statement is true?
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Hi Fantagf I read Singapore has been claiming a GDP growth of 20% in the second quarter this year. This is quite very funny number.
The second highest GDP growth in the 2nd quarter was China with about 7+% Then India.
Either the number is a lie or Singapore has had a GDP decline of the world guiness record in the whole history of mankind. The figure has been outregous for Singapore in a negative way.
For comparison Israel who still had a year on positive GDP growth for 2008 had a slight negative GDP growth in the first quarter of 2009 then it saw a slight positive growth in its second quarter. In my opinion all along that Israel won't be seeing a negative GDP year on even in 2009. Well at the minimum it will be a zero percent of GDP growth for 2009. Israel authority has revised its GDP growth estimate to 0% for 2009 from a negative one after a second quarter better than expected economic performance
I really suspect that the numbers of quarterly GDP growth for your country is a made up. Or it must have had a catastrophic economy during the crisis. -
2nd Quarter positive growth as reported by countries
-Singapore 20.0%. I found this number absurd though. If it's true that means this country's economy is as sensitive as a homemade low explosive bomb. Or it's among the hardest hit by the crisis.
-China 7.9%
-India 7.6%
-Egypt 4+%
-Hongkong 5+%. Well technically not a country but maybe worth mentioning
-Indonesia 2+% Which never see contracting economy(along with a few other nations such as China and India) since the global crisis made its presence felt though growth has declined by more than two third.
-South Korea 2.3%
-Israel 1.0%
-Japan 0.9%
-France 0.3%
-German 0.3%
-Poland xx%(unknown) but a good candidate to see positive 2nd quarter growth after it saw positive growth in the first quarter(0.8%).
I know there's no guarantee that these countries will see continuous positive growth in the subsequent quarters but still it's interesting to note that a few countries have had a wind of change which is best noted with their positive GDP growth from contraction in the previous quarters.
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wah news so positive...
time to offload some of my portfolio soon...... Hmmm...
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Well if you want to see recovery just look at japan's economy which is mainly dependent on export.
Japan's economy has seen positive growth in the second quarter this year so it's a good indication of economic recovery imo.
China's and India's economies are prodigious.
They are the leading growing economies.
As for Singapore that number should be taken with a grain of salt. It's no indication of a prodigious economy but rather if the number is true a proof of economic collapse of the country. A totally knocked out boxer would increase his height above the ground by as much as 20% just by lifting his head compared to a boxer who is on his knees. -
Originally posted by Miracles&Prophecies:
2nd Quarter positive growth as reported by countries
-Singapore 20.0%. I found this number absurd though. If it's true that means this country's economy is as sensitive as a homemade low explosive bomb. Or it's among the hardest hit by the crisis.
-China 7.9%
-India 7.6%
-Egypt 4+%
-Hongkong 5+%. Well technically not a country but maybe worth mentioning
-Indonesia 2+% Which never see contracting economy(along with a few other nations such as China and India) since the global crisis made its presence felt though growth has declined by more than two third.
-South Korea 2.3%
-Israel 1.0%
-Japan 0.9%
-France 0.3%
-German 0.3%
-Poland xx%(unknown) but a good candidate to see positive 2nd quarter growth after it saw positive growth in the first quarter(0.8%).
I know there's no guarantee that these countries will see continuous positive growth in the subsequent quarters but still it's interesting to note that a few countries have had a wind of change which is best noted with their positive GDP growth from contraction in the previous quarters.
Thanks for the figures. Which source did you get this from?I believe, figures can be manipulated.
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Originally posted by Fantagf:
Thanks for the figures. Which source did you get this from?I believe, figures can be manipulated.
You mean massaged?
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Originally posted by Chew Bakar:
You mean massaged?
Oh yes, massage, spa, sauna, hydrobath, aromatherapy and so on. hahahha! Whatever that suits them and serve them well. hahahahah
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alamak!!
so ++ sign
time to add more one dish
to my cai png liao
Two meat plus one vega
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Time to bring out the umbrella.
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Originally posted by noahnoah:
alamak!!
so ++ sign
time to add more one dish
to my cai png liao
Two meat plus one vega
hello, rich man noah, this is not food forum
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Whatever, I don't believe in their crap.
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Its possible if its a quarter on quarter comparison. Basically just a rebound. I think the figure is much more modest if its a year on year basis.
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Wa Loa you guys cannot see.....they are going to save their own face for themselve already.....maybe declared some bonus too December coming....!
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Originally posted by Fantagf:
Whatever, I don't believe in their crap.
So, you mean all the statistics are all lies and damn lies ?
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actually it was a typo error someone missed out a "." somewhere.
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Originally posted by Fantagf:
Channel NewsAsia - Monday, October 12
Singapore: The economic growth forecast for 2009 has been revised upwards to between —2.5% and —2.0%, the Ministry of Trade and Industry said in a news release Monday.
It also said the Singapore economy expanded by 0.8% year—on—year in the third quarter of 2009 with growth driven by the biomedical and electronics sector and improvements in the trade—related and tourism sectors of the economy on the back of a gradual stabilisation in global economic conditions.
This is the first such growth in five quarters.
Advance estimates by the MTI show that in the third quarter of 2009, Singapore’s GDP expanded by 14.9% on a seasonally—adjusted quarter—on—quarter annualised basis, following a 22.0 per cent expansion in the second quarter of the year.
In year—on—year terms, the economy grew by 0.8%, compared to a 3.2% contraction in the preceding quarter.
MTI noted that a clear but modest recovery is underway globally, at least for the next three or four quarters.
However it also cautioned that economic activity will probably remain below pre—crisis levels because a sustained recovery in private consumption and investment in the developed economies is needed to support growth momentum into the second half of 2010.
It added that Singapore’s economic prospects in 2010 will be closely tied to the conditions in the external environmen with trade—dependent sectors more likely to continue to benefit from a gradual resumption in global and regional trade flows in 2010.
In its latest economic report card Singapore’s manufacturing sector showed an expansion by 35% on a seasonally—adjusted quarter—on—quarter annualised basis, on the back of the previous quarter’s spike of 59%.
This increase was primarily due to demand in higher value active pharmaceutical ingredients in the biomedical manufacturing cluster, as well as greater electronics restocking activities as consumers bought more electronic products.
However, the construction sector declined by 0.6% compared to an expansion of 33% in the previous quarter as construction for industrial building projects slowed down.
The services producing industries expanded by 9.5% on a seasonally—adjusted quarter—on—quarter annualised basis in the third quarter of 2009, compared to 8.3% in the preceding quarter.
The trade—related and tourism sectors also improved while financial services sector posted modest growth.
— CNA/sf
Was there a joke somewhere that is missed ?
The opening paragraph of the Thread state as follows:-
The economic growth forecast for 2009 has been revised upwards to between -2.5% and -2.0%, the Ministry of Trade and Industry said in a news release Monday.
In its second paragraph, the report also mentioned that - "the Singapore economy expanded by 0.8% year—on—year in the third quarter of 2009 with growth driven by the biomedical and electronics sector and improvements in the trade."
In the third paragaraph, the report also indicated that for the Third Quarter of 2009, the GDP was reported to have expanded by 14.9% compared to the Second Quarter of 2009; while the Second Quarter had expanded by 22% from Q1.
Singapore recovery is still quite soft, considering that the GDP expansion was 22% during Q2, and now gone down to 14.9% by the end of Q3.
The economic ranking of Singapore - according to Miracles&Prophecies list of ranking - shall be:
China 7.9%
India 7.6%
Egypt 4+%
Hongkong 5+%. Well technically not a country but maybe worth mentioning
Indonesia 2+% Which never see contracting economy(along with a few other nations such as China and India) since the global crisis made its presence felt though growth has declined by more than two third.
South Korea 2.3%
Israel 1.0%
Japan 0.9%
France 0.3%
German 0.3%Singapore -2.2%
With all the unnecessary hoopla that simply justify the self-acclaimed relevance of the over-paid elitist talents in the Singapore Government, the prospects for Singapore will be firmer only when the numbers go above negative.
As matters stand, the prospect of further retrenchment by end 2009 till mid-2010 remains hanging over Singapore, unless PM LHL reminder - (during the end of Q2 earlier this year) - was just part of politics to ensure that he is correct when his own super talent cannot change world's events despite its superlative wages paid.
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Originally posted by Arapahoe:
Wa Loa you guys cannot see.....they are going to save their own face for themselve already.....maybe declared some bonus too December coming....!
Of course, I know it. They are good at painting beautiful pictures. -
Originally posted by Atobe:
Was there a joke somewhere that is missed ?
The opening paragraph of the Thread state as follows:-
In its second paragraph, the report also mentioned that - "the Singapore economy expanded by 0.8% year—on—year in the third quarter of 2009 with growth driven by the biomedical and electronics sector and improvements in the trade."
In the third paragaraph, the report also indicated that for the Third Quarter of 2009, the GDP was reported to have expanded by 14.9% compared to the Second Quarter of 2009; while the Second Quarter had expanded by 22% from Q1.
Singapore recovery is still quite soft, considering that the GDP expansion was 22% during Q2, and now gone down to 14.9% by the end of Q3.
The economic ranking of Singapore - according to Miracles&Prophecies list of ranking - shall be:
China 7.9%
India 7.6%
Egypt 4+%
Hongkong 5+%. Well technically not a country but maybe worth mentioning
Indonesia 2+% Which never see contracting economy(along with a few other nations such as China and India) since the global crisis made its presence felt though growth has declined by more than two third.
South Korea 2.3%
Israel 1.0%
Japan 0.9%
France 0.3%
German 0.3%Singapore -2.2%
With all the unnecessary hoopla that simply justify the self-acclaimed relevance of the over-paid elitist talents in the Singapore Government, the prospects for Singapore will be firmer only when the numbers go above negative.
As matters stand, the prospect of further retrenchment by end 2009 till mid-2010 remains hanging over Singapore, unless PM LHL reminder - (during the end of Q2 earlier this year) - was just part of politics to ensure that he is correct when his own super talent cannot change world's events despite its superlative wages paid.
That is why i am questioning the accuracy of the figures they quoted. Better take whatever with a pinch of salt.
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Originally posted by Fantagf:
Thanks for the figures. Which source did you get this from?I believe, figures can be manipulated.
The internet :D and not from anybody's blog but from news sites. Respected news site. Just do a little internet look up. -
No Singapore officially claims a 2nd quarter GDP growth of 20% Look it up it's all over the internet.
Now your country is claiming a 3rd quarter GDP growth of 15%. -
quarterly GDP growth is not to be taken as annual GDP growth.
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Originally posted by Miracles&Prophecies:
No Singapore officially claims a 2nd quarter GDP growth of 20% Look it up it's all over the internet.
Now your country is claiming a 3rd quarter GDP growth of 15%.
The GDP growth of that has been quoted is based on the previous quarter of the same Year 2009, and not on previous years.Whatever the growth rate quoted that is supposed to impress, the overall performance is still in the negative : minus 2.% as the overall forcast for the year.
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think they might as well bring in dancing nude girls from rio de janario and dance in middle of orchard road everyday to distract people away from poor performance for at least a month or so.