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Singapore Economy Grows More Than Earlier Estimated

Posted on 11 Aug 2009 | Comments Off

Singapore’s economy expanded more than initially estimated last quarter as manufacturing and services improved, reinforcing the nation’s emergence from its worst recession since independence 44 years ago.

Gross domestic product gained an annualized 20.7 percent last quarter from the previous three months, after shrinking a revised 12.2 percent between January and March, the trade ministry said today. Second-quarter growth was more than a July estimate of 20.4 percent. The median forecast in a Bloomberg survey was for a 19.2 percent gain.

Singapore raised its 2009 forecast for exports today, predicting overseas shipments may drop between 10 percent and 12 percent, less than a previous estimate of as much as 13 percent. Governments worldwide have pledged about $2 trillion in stimulus to counter the global recession, helping stabilize sales by Asian companies including Frasers Centrepoint Ltd.

“Given increasing signs of stabilization in the global economy and improvements in the region, together with the help of the government’s f Continue reading →

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Posted in Property Market / Real Estate

Tagged Economy, General, Singapore Economy

Swings in liquidity flows set to continue

Posted on 11 Aug 2009 | Comments Off

IN THE face of the continuing economic slowdown affecting developed economies such as the United States and Japan, the soaring financial markets around the globe present a big puzzle.

Stock prices across the region have hit 12-month highs, clawing back the losses sustained in the fallout from the collapse of US investment bank Lehman Brothers. The property market has turned sizzling hot as well.

Yet, this financial mini-boom sits oddly, with tell-tale signs of the recession that still ravages Asian economies.

Last week, disk-drive maker Seagate said it is axing 2,000 workers from its Ang Mo Kio plant as it relocates some of its operations to other countries.

But try telling house-hunters that Singapore is still mired in recession. They were more worried about a further surge in prices as they rushed head-long into the Optima condo project next to Tanah Merah MRT station, snapping up all its 297 units within three days last week.

Some suburban condo projects such as the Centro Residences in Ang Mo Kio have also been commanding prices of more than Continue reading →