Asia Times Online, 5 Jun 2009, R M Cutler
Hopes that surging share prices in Singapore over the past three months point to an early recovery may be short-lived. A decline in exports, the city's life-blood, is picking up pace even after 13 months of falls, and stock declines this week may herald a longer pull back.
Singapore's gross domestic product (GDP) fell 10.1% in the first quarter this year from the same period in 2008. This represents a decline of 14.6% quarter-on-quarter following a 16.4% fall in the fourth quarter of 2008. All sectors experienced further quarter-on-quarter declines, with the exception of construction and financial services. The broad weakness was especially marked in electronics, biomedical manufacturing, precision engineering, chemicals and manufacturing.
Read More
