SINGAPORE (AP) ― Singapore’s economy contracted in the fourth quarter as manufacturing plunged amid a slowdown in global trade, the government said Tuesday.
Gross domestic product shrank 4.9 percent in the October to December period from the previous quarter, the second contraction in three quarters, the Trade and Industry Ministry said in a statement.
Manufacturing slumped 22 percent from the previous quarter while construction fell 6.7 percent, the ministry said.
Singapore expects the growth of its economy ― which relies on manufacturing, finance and tourism ― to slow to as little as 1 percent this year as a faltering global economy undermines demand for the city-state’s exports. The economy grew 4.8 percent last year, down from a 15 percent expansion in 2010.
GDP grew 3.6 percent in the fourth quarter from a year earlier.
