Singapore’s exports fell more than economists estimated in August as shipments of electronics dropped and companies sold fewer goods to Europe. The country’s currency weakened.
Singapore’s economy expanded less than previously estimated in the first half of 2010 and growth may “moderate” in the coming months, Prime Minister Lee Hsien Loong said.
Singapore’s central bank maintained its pace of currency appreciation, seeking to support growth while guarding against inflation as the economy expanded less than analysts estimated last quarter.
Oil traded near a five-day high, heading for its biggest weekly gain in five, as signs of global economic growth spurred speculation fuel demand will rise and tension mounted in the Middle East.
Singapore’s industrial production unexpectedly declined for the first time in four months in August as companies reduced output of electronics, pushing the local dollar to the weakest level in two weeks.
Oil fell for the first time in three days in New York because of signs that China’s measures to cool inflation may curb economic growth in the world’s second-biggest crude user.
Malaysia’s exports rose for a fifth month in April as producers shipped more electronics and commodities to customers in China, the U.S. and Europe.
Singapore’s jobless rate fell to a five-year low last quarter as companies hired more local workers after the government tightened the inflow of foreign labor.
Crude rose for a fourth day as signs of U.S. economic recovery stoked speculation that fuel demand will increase in the world’s largest oil consumer.
"The whole cooling measures, plus foreign manpower curbs are really starting to bite."
- Selena Ling on Oct 13, 2014