Economy

Singapore's economy shrank at slower pace in Q4 – MarketWatch

Published

4 years ago

February 14, 2021

Singapore’s economy continued to contract in the fourth quarter, but at a slower pace than the previous quarter, as industries such as manufacturing, wholesale trade and finance recorded growth despite the pandemic.

The country’s gross domestic product declined by 2.4% in the fourth quarter from a year earlier, according to revised data released by the Ministry of Trade and Industry on Monday. That compared with the advance estimate of 3.8% contraction for the fourth quarter. GDP contracted 5.8% in the third quarter.

Manufacturing grew 10.3% from a year earlier in the fourth quarter, extending an 11.0% expansion in the third quarter. Wholesale trade expanded 1.8% in the fourth quarter, a turnaround from the 5.0% contraction in the third quarter, while the finance and insurance industry grew 4.9% in the fourth quarter following 4.2% growth in the third quarter.

Construction contracted 27.4% in the fourth quarter, an improvement from the 52.5% contraction in the third quarter. Retail trade shrank 4.7% in the fourth quarter, a smaller decline than the 8.6% contraction in the third quarter. Services-producing industries contracted 4.7% in the fourth quarter, an improvement from an 8.3% contraction in the third quarter.

On quarter, GDP grew 3.8% in the fourth quarter on a seasonally adjusted basis. That compared with the advance estimate for a 2.1% expansion. GDP expanded 9.0% in the third quarter.

For the whole of 2020, GDP shrank 5.4%, compared with the advance estimate for a 5.8% contraction.

Singapore’s Covid-19 situation remains under control and its vaccination program is underway.

However, the pace of border re-opening has slowed amid the global surge in Covid-19 cases and the emergence of more contagious strains of the virus. Against this external and domestic backdrop, the Singapore economy is expected to see a gradual recovery over the course of the year, although the outlook remains uneven across sectors, the MTI said.

Taking into account the developments in the global and domestic economies, the MTI has maintained Singapore’s GDP growth forecast at 4.0% to 6.0% for 2021, it said.

Write to Ronnie Harui at ronnie.harui@wsj.com

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

9 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

16 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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