Monthly manufacturing performance for October 2008 declined 12.6% as compared to the same month last year. Manufacturing makes up a quarter of Singapore's GDP.
The tourism industry is not doing any better too. October tourism figures reported a dipped in arrivals year-on-year for the fifth consecutive month. Singapore Tourism Board (STB) statistics show that 843,000 travellers visited Singapore on October, an 8 per cent drop over the same period last year. The figure was the single biggest monthly drop since arrivals started falling in June. Initial targets for year 2008 of 10.8 million visitors and $15.5 billion in spending would be hard to achieve now.
All these dismal economic statistics aren't helpful to a country that is already in a technical recession.
Monthly Manufacturing Performance - October 2008 [via]
Tourism dips [via]
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