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Singapore's gross domestic product contracted by a seasonally adjusted 6.8 percent in the fourth quarter of 2009 compared to the previous three months, the Ministry of Trade and Industry said on Monday in an advanced reading.
That was sharply lower than analyst expectations for a 0.8 percent decline following the 2.1 percent fall in the third quarter.
On an annual basis, GDP was up 3.5 percent - but again less than forecasts for a 4.7 percent increase after the 2.1 percent contraction in the third quarter.
The manufacturing sector contracted by 38.4 per cent on a seasonally-adjusted quarter-on-quarter annualized basis in the fourth quarter, a reversal from the 29.6 percent expansion in the third quarter.
"This decline was mainly due to a contraction in the output of the biomedical manufacturing and transport engineering clusters," the MTI said in a statement accompanying the data. "However, the electronics, chemicals and precision engineering clusters posted positive growth."
The construction sector expanded by 4.3 percent on a seasonally-adjusted quarter-on-quarter annualized basis in the fourth quarter compared to 0.9 percent in the third quarter. The services sector eased to 7.2 percent in the fourth quarter, down from 10.9 percent in the third quarter.
"This was mainly due to a slowdown in wholesale and retail trade from its strong growth in the third quarter," the MTI said. "Most of the other segments of the services sector continued to grow."
For the year, Singapore's GDP was down 2.1 percent, both on quarter and on year - although that remains in line with MTI's forecast of a contraction of 2.0 to 2.5 percent for the whole year.
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