Singapore falls deeper into recession
Filed Under (World Economy) by Fred Chan on 17-03-2009
Tagged Under : recession, Singapore
Singapore’s non-oil exports plunged in February as global demand collapsed, a sign the country’s worst recession in decades has deepened in the first quarter.
Exports in February fell 24 percent from a year earlier to 9.7 billion Singapore dollars ($6.3 billion) following a 35 percent drop in January, according to Trade and Industry Ministry figures released Tuesday.
Exports rose a seasonally adjusted 1.8 percent in February from the previous month, the ministry said.
Singapore’s economy has contracted each of the last three quarters compared with the preceding quarters, including a seasonally adjusted, annualized 16.4 percent in the fourth quarter.
The government expects the economy to contract as much as 5 percent this year.
Exports account for about two-thirds of the city-state’s gross domestic product. – AP
