Recovery Singapore Will Slow Walk

SINGAPORE - Singapore's economic growth in the quarter-II in 2009 grew out of the estimated 20.7 percent compared to the previous quarter. However, the government said the economic crisis recovery will be slow because markets in Europe and the United States (U.S.) is still weak.

Positive results in quarter II (April-June) and it was the first time after five previous quarter due to always having contractions drop in export markets. Second quarter data is also better than economists forecast a 20.4 percent growth estimate. Strong growth in the second three months of this year supported by a recovery in the manufacturing sector where output jumped 49.5 percent, far better than the previous period rose only 18.5 percent.

The growth of the manufacturing sector, one of which is driven by pharmaceutical production and rising inventories of electronic devices. Other sectors that high-rise is the construction of 32.7 percent, in line with the improving property market and the development of resort areas outside the city terintregrasi.

"However, compared with the previous year's gross domestic production (GDP) during the quarter II fell 3.5 percent, showing that the recovery will be fragile," said the Ministry of Trade and Industry yesterday. In comparison, in the quarter I-2009 Singapore's GDP contracted 9.5 percent compared to the same period the previous year.

Department of Trade and Industry, Singapore noted, industrial production and consumption in Singapore's main export markets like the U.S. and Europe are still weak. Likewise, unemployment remains high.

In the U.S., although starting to slow, unemployment rates are still in the range of 9.4 percent. "Without the return drivers of economic indicators in the two areas, the economic recovery in the second half of this year will probably slow and simple," said Minister of Trade and Industry Lim Hng Kiang of Singapore yesterday.

In another part, owned trade promotion agency International Enterprise Singapore government (IES) states, Singapore's key economic rise over the previous quarter is II/2009
exports increased to 7.6 percent, from the previous period.

However, when compared with last year, exports in the quarter II still fell 11 percent due to the electronic market recovery yet, and nonelektronik goods. Overall, Singapore's foreign trade during April-June 2009 rose 3.8 percent, but 27 percent lower than in 2008.