Singapore Recession Deepens; Chemicals Output Declines

The Ministry of Trade and Industry (MTI) in Singapore says that the country’s GDP in the fourth quarter of 2008 contracted by 2.6% in real terms over the same period in 2007, following the decline of 0.3% in the preceding quarter. Chemicals output fell during the fourth quarter as a result of slowing external demand, as well as temporary plant maintenance shutdowns, MTI says. The MTI says it expects the Singapore economy to grow between -2.0% and 1% in 2009, lower than the -1% to 2.0% it had forecast in November 2008. “The global economic crisis has...

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