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Singapore GDP Contracted Last Quarter as Output Eased: Economy

Singapore’s economy shrank for the first time in five quarters after its manufacturing and services industries weakened, a contraction that may be short-lived as the global recovery strengthens.

Gross domestic product fell an annualized 2.7 percent in the three months to Dec. 31 from the previous quarter, when it expanded a revised 2.2 percent, the trade ministry said in a statement today. The median of 11 estimates in a Bloomberg News survey was for a 1.3 percent contraction.