14th Feb 2008
SINGAPORE, Feb. 14 (Xinhua) -- Singapore lowered its 2008 economic growth forecast to 4-6 percent from the previous 4.5-6.6 percent amid concerns that the United States will enter a recession in the first half of the year, the Trade Ministry said Thursday.
"Current conditions suggest that the U.S. will likely enter a mild recession in the first half but its strong fundamentals, coupled with fiscal and monetary stimulus, will help to support recovery in the second half," said the ministry report.
For 2007 the city-state's economy grew 7.7 percent year-on-year, up from the advance estimate of 7.5 percent, following a revised 8.2 percent growth in 2006.
Economic growth moderated in the fourth quarter of 2007. Gross domestic product (GDP) grew by 5.4 percent year-on-year, lower than the advance estimate of 6 percent, and also down from the 9.5percent increase in the previous quarter.
On an annualized quarter-on-quarter basis, the Singapore economic growth fell by 4.8 percent in the fourth quarter, compared with a 5.1 percent increase in the third quarter.
"The slowdown reflected largely a sharp decline in biomedical manufacturing rather than the impact of the slowing U.S. economy," said the report.
Manufacturing, Singapore's mainstay industry, expanded just 0.2percent in the fourth quarter from a year earlier, while construction grew 24.3 percent and the financial services sector grew 15.9 percent.
http://news.xinhuanet.com/english/2008-02/14/content_7601619.htm
