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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (61090)	2/28/2002 2:00:11 AM
From: StanX Long	Read Replies (1) of 70976

Singapore 2001 GDP falls but growth seen for this year By Jacqueline Wong sg.biz.yahoo.com Thursday February 28, 9:42 AM SINGAPORE (Reuters) - Singapore said on Thursday gross domestic product (GDP) contracted 2.0 percent year on year in 2001, but signalled greater confidence in a recovery from recession by raising its growth forecast for 2002. The Ministry of Trade and Industry said in a statement the export-fuelled economy shrank 6.6 percent in the fourth quarter year on year but grew 5.6 percent on an annualised quarter-on-quarter basis. The government revised its growth estimate for 2002 to 1.0 to 3.0 percent -- up from minus 2.0 to plus 2.0 percent -- in line with Prime Minister Goh Chok Tong's projections in a Lunar New Year speech. Flash estimates, based on two months of data in January, had predicted the economy shrank 2.2 percent in 2001 and 7.0 percent in the fourth quarter year on year. Singapore is grappling with its worst downturn since 1964 but analysts are cautiously optimistic the economy will turn around in the second half of this year, in step with a recovery in the United States, a key export market for the city state. "Looking forward, data at this point are very encouraging," said Song Seng Wun, an economist at GK Goh (Singapore: GKHS.SI - news).

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