Singapore’s economy contracted for the first time in three quarters as weaker manufacturing output disrupted the island nation's recovery from its deepest recession since independence in 1965, says Bloomberg.
Quoting the Ministry of Trade and Industry, Bloomberg says Singapore's GDP shrank 6.8% from the third quarter in seasonally adjusted, annualized terms, compared with a revised 14.9% rise in the third quarter.
“This decline was mainly due to a contraction in the output of the biomedical manufacturing and transport engineering clusters,” says the trade ministry in a statement obtained by Bloomberg.
Bloomberg notes that Singapore is seeking ways to ensure its economy grows in a more sustained manner after three recessions in the past decade. The island’s dependence on electronics and pharmaceutical exports has made it vulnerable to fluctuations in global demand and business cycles.