Advance GDP estimates released by MTI today are grim:
The weaker prognosis for the Singapore economy in 2009 is also based on the sharp contraction seen in the fourth quarter of 2008. Advance estimates show that gross domestic product (GDP) in the fourth quarter contracted by 2.6 per cent in real terms over the same period in 2007, following the decline of 0.3 per cent in the preceding quarter. On a seasonally adjusted, annualised quarter-on-quarter basis, real GDP fell by 12.5 per cent, compared to a decline of 5.4 per cent in the third quarter of 2008.
Arguably, pressing on with the construction work for Seletar can boost economic activity and absorb some excess capacity. But how far will the government subsidise the venture? On Nov 21st, Business Times’ Ven Sreenivasan reported delays to Rolls Royce’s plans
The timetable for the construction Rolls-Royce’s $320 million Trent aero-engine plant at Seletar Aerospace Park may be a casualty of the dramatic downturn in the global aviation operating environment…. BT understands from industry insiders that the British power systems giant has yet to award several major contracts for the construction of its huge facility here. This is more than half a year after groundbreaking took place at the eight-hectare site at Seletar….UK-based Roll-Royce officials were tight-lipped when contacted yesterday, but alluded to the impact of announced programme delays by customers.
Unfortunately, the Google search result below only points to a ‘page not found’ error on EDB’s website. We’ve contacted EDB for clarification.