Singapore's GDP expands by 10.3% on-year, contracts by 19.8%
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SINGAPORE: Singapore's GDP expanded by 10.3 percent on a year-on-year basis in the third quarter of 2010. On a quarter-on-quarter basis the economy contracted by 19.8 percent, a reversal from the growth of 27.3 percent in the previous quarter. The advance estimates released by the Ministry of Trade and Industry (MTI) on Thursday said that the Singapore economy remains on track to achieve the overall growth forecast of 13 to 15 percent for the whole of 2010. Commenting on the sectoral decline on a quarter-on-quarter basis, MTI said the manufacturing sector contracted by 57 percent in the third quarter, after expanding by 67 percent in the preceding quarter. It attributed the decline largely to the biomedical manufacturing cluster, where some pharmaceutical companies switched to producing a different value-mix of active pharmaceutical ingredients. MTI also cited some plant maintenance shutdowns during the quarter. The construction sector also contracted by 12 percent, compared to an expansion of 29 percent in the preceding quarter. MTI said this was mainly due to the completion of key commercial and industrial building projects earlier in the year. The services-producing industries registered a modest sequential growth of 1.6 percent, following a 13 percent expansion in the previous quarter. MTI said growth for the rest of the year will be underpinned by a number of industry-specific factors. It said continued growth in global demand for electronic products will lend some support to the electronics and precision engineering clusters. It added that increasing visitor arrivals, drawn by the Integrated Resorts, will continue to bolster tourism in Singapore. MTI will release the preliminary GDP estimates for the third quarter of 2010, including performance by sectors, sources of growth, inflation, employment and productivity, in November 2010. - CNA/de
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why are we complaining? bigger economies are still struggling to create jobs and improve growth. but see how well we are doing. singaporeans huat ah!!!
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Originally posted by dragg:
why are we complaining?
bigger economies are still struggling to create jobs and improve growth.
but see how well we are doing.
singaporeans huat ah!!!
siao bo........Cheaper Better Faster!! ~
Cheaper Better Faster!! ~
Cheaper Better Faster!! ~
Cheaper Better Faster!! ~
Ninpo Smoke Bomb~!!
Wind Blows*
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only fools will believe in these bullshit figures...............PAP trying to bullshit to us again near elections..........
and they can bullshit that more foreigners will help economy grow.............
and they can get bigger salaries...............
for all we know more foreigners came and they account for the so-called ''growth''...........
besides more economic growth doesn't mean higher standard of living..............very often it becomes worse due to inflation...............
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Actually they reported a contraction, not an expansion...?
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imho, these kind of reports are meant for business investors to read.
Not for the ground to know.
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Originally posted by Junyang700:
Actually they reported a contraction, not an expansion...?
If comparing year on year - expansion (which they report first).
If comparing quarter on quarter - contraction (which they report second)
Yes, if you are looking at recent performance, it is a contraction.
Funny how the sg economy is so volatile these days - swinging up and down in double digits every quarter.
What happened to stabilising the economy for long term sustainable growth?
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I'm more worried about inflation than anything else, look at how prices of grocery have rocketed up.
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Originally posted by ahtansh:
I'm more worried about inflation than anything else, look at how prices of grocery have rocketed up.
Who ask you never earn million dollar salary?
Then you won't have to worry about high grocery prices.
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Originally posted by charlize:
Who ask you never earn million dollar salary?
Then you won't have to worry about high grocery prices.
He probably went cheeper, better, faster...... the suay thing is that inflation never cheeper, better, faster so he kenna cheated
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Originally posted by ahtansh:
I'm more worried about inflation than anything else, look at how prices of grocery have rocketed up.
On a serious note, you want to vote for somebody who keeps asking you to be "cheaper, better, faster" when prices of everything is going up like crazy?
Soon it might be work for "free but be better and faster"
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Originally posted by charlize:
On a serious note, you want to vote for somebody who keeps asking you to be "cheaper, better, faster" when prices of everything is going up like crazy?
Soon it might be work for "free but be better and faster"
Aisheh .... I see potential in you to be a PAP minister.... such brilliant ideas!!Singapore's GDP will surely benefit with your contributions. And of cos the minister's salary too since its pegged to GDP.
Kind Regards
Genie
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Singapore Suffers Shocking Worst-Ever GDP Contraction
http://www.businessinsider.com/singapore-suffers-shock-worst-ever-gdp-contraction-2010-10
Singapore's economy shrank by a jaw-dropping 19.8% quarter-on-quarter during Q3, according to data released by the Monetary Authority of Singapore yesterday.
While GDP was still 10.3% higher than the same quarter last year, the quarter-to-quarter contraction was the worst ever, and is a reminder of how volatile Singapore's economic output can be:
Singapore Business Review (SBR):
According to DBS Bank, this is a record sequential contraction and one that is worse than the supposedly “free-fall” in GDP experienced in the recent US financial crisis, the slump during the dot.com bust as well as the doldrums during the Asia financial crisis.
The drop was caused primarily by a sharp reduction in output from the pharmaceutical industry:
Indeed, noted DBS, growth wouldn’t have fallen by more dramatic fashion than this considering that we had a record expansion not too long ago in the first quarter. Sharp pullbacks in production from the volatile pharmaceutical segment have brought down overall industrial production in recent months. "And the exceptionally high comparison base in 1H10 further amplifies the drop. That is, it’s drug effects plus technical payback!"
Yet it's all just part of what makes Singapore's economy such a fun ride, and the island is far from sinking.
The government isn't concerned, they even just tightened monetary policy yesterday in a bid to cool the economy and reign-in inflation, which is expected to hit 2-3% next year. DBS also still expects Singapore to achieve full-year GDP growth of 15% and has explained that pharma contractions such as the one just experienced don't normally last more than a quarter.
Still, by the looks of the SBR chart above, this was still a shockingly volatile quarter, even for Singapore.
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Originally posted by charlize:
Who ask you never earn million dollar salary?
Then you won't have to worry about high grocery prices.
Ya, they won't worry about the high grocery prices, they worry about how to push the property prices higher and higher.
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Originally posted by Genie99a:
Aisheh .... I see potential in you to be a PAP minister.... such brilliant ideas!!Singapore's GDP will surely benefit with your contributions. And of cos the minister's salary too since its pegged to GDP.
Kind Regards
Genie
Ideas to increase GDP are easy:
Eg.
I propose a 7 day work week.
I propose a 12 hour work day.
I propose only a 15 min lunch break between the 12 hour work day.
See?
Just like mass importing cheaper foreign workers into the economy to grow GDP.
Think so much for what?
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It is of no surprise that we have double digits growth and no one should be too excited by it because we were doing very badly last year so generally any rebounds will be huge in percentage.
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Originally posted by gasband:
It is of no surprise that we have double digits growth and no one should be too excited by it because we were doing very badly last year so generally any rebounds will be huge in percentage.
But for election purposes, we had a double digit growth year on year.
You just need to remember that.
For their sake.
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don't forget about inflation ..............GDP figure don't figure in inflation .........................so even when economy ''grew'' it could actually have actually shrunk...........
as the govts the world all over stop their economic stimuli..............economy mah shrink lor.............there was no growth at all............just govts pumping in money............especially China..............all bullshit only
like in Europe and US now.......car sales also drop sharply liao mah...................
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Super-rich come to Singapore
http://singaporemind.blogspot.com/2010/10/seah-chiang-nee-super-rich-come-to.html
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Originally posted by charlize:
Ideas to increase GDP are easy:
Eg.
I propose a 7 day work week.
I propose a 12 hour work day.
I propose only a 15 min lunch break between the 12 hour work day.
See?
Just like mass importing cheaper foreign workers into the economy to grow GDP.
Think so much for what?
That will lead to high turn over rate and lots of MCs. -
Originally posted by Asromanista2001:
don't forget about inflation ..............GDP figure don't figure in inflation .........................so even when economy ''grew'' it could actually have actually shrunk...........
as the govts the world all over stop their economic stimuli..............economy mah shrink lor.............there was no growth at all............just govts pumping in money............especially China..............all bullshit only
like in Europe and US now.......car sales also drop sharply liao mah...................
Every month also inflation for me. -
Originally posted by Genie99a:
Aisheh .... I see potential in you to be a PAP minister.... such brilliant ideas!!Singapore's GDP will surely benefit with your contributions. And of cos the minister's salary too since its pegged to GDP.
Kind Regards
Genie
Aiseh senior. You got potential to be reporter also leh!
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Originally posted by Asromanista2001:
don't forget about inflation ..............GDP figure don't figure in inflation .........................so even when economy ''grew'' it could actually have actually shrunk...........
as the govts the world all over stop their economic stimuli..............economy mah shrink lor.............there was no growth at all............just govts pumping in money............especially China..............all bullshit only
like in Europe and US now.......car sales also drop sharply liao mah...................
"GDP figure don't figure in inflation .........................so even when economy ''grew'' it could actually have actually shrunk..........."
Did you pass your economics exam ? Do you know what is REAL GDP and the formula to calculate the economic growth ?
Please revise your economics notes before you make the comment or at least go wikipedia to check up the facts first before you make the comment.
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Shock 19.8% slump in Singapore Q3 GDP may foretell double dip recession
Posted on 14 October 2010 with 1 comment from readers
The surprise 19.8 per cent slump in GDP from Singapore in the third quarter indicates a slowdown in global trade that could be the precursor to a double dip recession.
Singapore is the Asian nation most exposed to swings in the global trade cycle as some 50 per cent of GDP is from exports. The 19.8 per cent contraction in Q3 GDP was worse than the 15.7 per cent fall forecast by 19 economists surveyed by Bloomberg.
This kind of downswing in trade is what we saw in Q3 of 2008 before the global financial crisis. But the slowdown in Q3 is all relative. Singapore is still on schedule for 13 to 15 per cent GDP growth in 2010, making the city state the world’s fastest growing economy.
Of course, that is only possible because of the depth of the recession. Singapore’s GDP fell 12.5 per cent in Q4 2008 and 11.5 per cent in Q1 2009. The big slump has been followed by a big rebound.
Like the UAE?
Indeed, some economists note that an accurate interpretation of UAE economic data might show similar wild swings because of the UAE’s exposure to global trade flows and the ups and downs of the oil market. But that is not how the IMF sees things in the UAE (click here).
However, the Q3 data is cause for concern. As Alvin Liew, an economist at Standard Chartered in Singapore told Bloomberg today: ‘Singapore is typically a bellwether for the region’s export outlook and it is the first to show cracks as global growth slows, and threats to Asian growth include the fading impact of stimulus packages, stubbornly high unemployment rates and austerity measures that are likely to crimp consumption in the West’.
How can the East continue to grow so strongly if the West is stuck in near recession conditions and a further deterioration in demand likely? But hey don’t tell that to global stock markets!
Posted on 14 October 2010
Source: Arabian Money