Friday, March 27, 2015   

Singapore slipping into recession
(12-31 17:19)

Singapore likely slipped into recession in the three months to December, analysts told AFP, as data showed growth in 2012 came in lower than expected.
In his New Year's message, Prime Minister Lee Hsien Loong said “growth was slower this year, at 1.2 percent,’’ which is well off the official growth forecast of 1.5-2.5 percent.
However, CIMB Research economist Song Seng Wun said the figures for the year indicate the economy shrank 3.5 to 4 percent quarter on quarter in October-December, which followed a contraction of 5.9 percent in the previous three months.
Two consecutive quarters of contraction point to a technical recession.
“It's basically just the magnitude of [the recession] rather than if,'' he said.
And Jason Hughes, head of premium client management for IG Markets Singapore, said: “It would seem that the PM's statement of 1.2 percent growth for 2012 would suggest that we've contracted in the fourth quarter which would put us in technical recession territory.’’
An official breakdown of the data will be released by the trade ministry on Wednesday.
Lee predicted grow of 1-3 percent next year.

   
Other Business breaking news:
Nikkei gains erased at close (1 hr 51 mins ago)
Oil prices fall in Asia trade (2 hrs 51 mins ago)
Yen weakens (03-27 12:34)
Hang Seng flat at mid-day (03-27 12:29)
China industries still in the red (03-27 12:07)
Yahoo okays additional US$2 billion share buybacks (03-27 11:17)
Nikkei gains by break (03-27 10:51)
Japan inflation stalls, household spending tumbles (03-27 10:25)
Hang Seng, Shanghai positive (03-27 10:19)
PetroChina profit falls to lowest in five years (03-26 18:31)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.