Exporters are finding it increasingly difficult to find importers. The upside years delivered impressive growth but it's now equally bad on the downside. It would be interesting to follow what the real numbers are in China as opposed to the governments manipulated export figures because if they are anything like neighbors in the region, they have to bad.
Singapore issued revised 2008 GDP estimates on Thursday showing the export-reliant economy contracted by 16.4 percent in the fourth quarter, and reiterated its forecast that it will shrink by 2-5 percent this year.
"The economy is likely to continue to perform weakly in the first half of 2009," the Ministry of Trade and Industry said in a 130-page detailed survey of the Singapore economy in 2008.
The manufacturing sector will be weighed down by declines in global demand for electronic products, pharmaceuticals and chemicals, the ministry said, while financial services are likely to slow as volatile markets keep many investors on the sidelines.
Singapore's economy shrank 16.4 percent on an annualized, seasonally adjusted quarter-on-quarter basis but grew 1.1 percent for the whole of 2008, the ministry said in a statement.
