Singapore’s economy shrank for the second time in three quarters as manufacturing eased, increasing pressure on policy makers to spur growth as they forecast slower expansion this year, according to Bloomberg.
Gross domestic product fell an annualized 4.9% in the fourth quarter of 2011 from the previous three months, when it climbed a revised 1.5%, the trade ministry said in a statement today.
The median of 11 estimates in a Bloomberg News survey was for a 5% contraction. The economy grew 4.8% in 2011 and may expand 1% to 3% this year, Prime Minister Lee Hsien Loong said Dec. 31.
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