Singapore’s Economy Contracts Annualized 4.1% in Third Quarter
Is Singapore on the Verge of a Recession?
Singapore’s economy contracted in the third quarter from the previous three months, according to an advanced estimate from the government, more signs that the Southeast Asian financial and trading hub is struggling in the face of a global slowdown.
GDP growth in the export-driven economy has been under pressure since last year, mainly due to a slowdown in global trade and lower energy prices hurting the city-state’s oil and gas services industry. Government measures to cool the property market and curb the intake of foreign workers are undermining profits in some key industries, while manufacturing is struggling to gain traction, Joseph Incalcaterra, a Hong Kong-based economist with HSBC Holdings Plc, said before the data was released. The economy expanded 2 percent last year, the slowest pace since 2009, and economists forecast even lower growth this year.