Saturday, September 27, 2008

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Singapore's Manufacturing Output for Aug 2008 Fell 12.2%

Singapore's manufacturing output in August 2008 fell more than expected , slipping 12.2 % year-on-year, more than the 8%-9% forecasted by economists.

The worst performer was biomedical sector which contracted by 33.8%. The best performer was the transport engineering sector, which saw positive growth of 6.1%, mainly attributed to the aerospace segment. But economists say this is unlikely to prop up the rest of the flagging manufacturing sector.

Global consumption is expected to slow due to the economic downturn, and Singapore's export-driven manufacturing sector is likely to contract as the world tightens its belt. Observers also expressed concern over what the results for September would be when the full impact of the recent Wall Street meltdown is felt.

In a report on 21 Sep 2008, DBS Group Research says it expects a technical recession, and downgraded Singapore's full year economic growth outlook to 3.6%-4.2%.

Singapore's economy contracted by 6% in the Q2 2008 from Q1 2008. A contraction in the Q3 2008 will mean a technical recession.

According to economists, Singapore will probably slip into a recession in Q3 2008 for the first time since 2002 after exports and manufacturing slumped and fewer tourists visited the city state, economists said.

May also want to read:
History of Singapore Property 1960 to 2008
HDB Resale flats Price Index 1990-2008: Graph & Chart
Property Price Index Graph Plotter & Online Property Valuation
Your Property Investment Determines Your Financial Success in Your Life
HDB Resales: West Sees Highest Price Increase


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