Regional slowdown hits Singapore hard<\/p>\n
SINGAPORE (Reuters): April data released on Saturday by the
\nMonetary Authority of Singapore (MAS) showed the regional
\nslowdown hitting Singapore hard in a number of sectors.<\/p>\n
The MAS said the rate of growth in bank lending to most major
\nsectors of the economy fell year-on-year, and month-on-month
\ntotal loans showed a slight decline.<\/p>\n
The commerce sector had negative year-on-year growth of 1.8
\npercent, having already contracted every month since the
\nbeginning of 1998.<\/p>\n
\"With the commerce sector in recession, bank lending to this
\nsector is not likely to pick up in the near term,\" the MAS said.<\/p>\n
The property market was an exception, with credit extended to
\nthe building and construction sector relatively strong at 12.4
\npercent year-on-year growth.<\/p>\n
In contrast, manufacturing showed year-on-year growth of just
\n2.3 percent, down from 4.1 percent in March.<\/p>\n
Narrow M1 money supply contracted by 4.5 percent in April
\nyear-on-year after shrinking an average of 5.3 percent in the
\nfirst quarter of 1998.<\/p>\n
Part of the M1 decline reflected higher interest rates which
\n\"raised the opportunity cost of holding cash balances or their
\nequivalent\", MAS said.<\/p>",
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