(CNN) -- Singapore's economy shrank by 4.2 percent in the fourth quarter of 2008, the Ministry of Trade and Industry said Thursday, as it forecast the economy would contract between 2 and 5 percent this year.

Boats ply under a bridge near the financial district of Singapore.

Compared to a robust growth of 7.8 percent a year earlier, the economy grew by 1.1 percent for the whole of 2008, the ministry added.

It called Gross Domestic Product growth prospects for 2009 "weak ... on account of the pessimistic global economic outlook."

All major sectors, except for construction, business services and information and communications, saw contractions, the ministry said.

The ministry cited a decline in private sector investments and private consumption expenditure for dragging down total domestic demand.

Declines in global demand for electronics products, pharmaceuticals and chemicals were also likely to weigh on the manufacturing sector.
Percentage that economy grew in 2007? How much did Singapore's economy grow in 2008 as a whole? Percentage that Singapore's economy has shrunk in 2008? What does the government forecast? What will shrinks in the fourth quarter? Did communications and construction sectors shrink? What industries have avoided contractions? What was the overall growth rate for 2008? What industries did not have economic problems in this country? What nation's economy contracted 4 percent in the last quarter of 2008? What are the government forecasts for the economy in Singapore for the future?
7.8 percent 1.1 percent shrank by 4.2 percent in the fourth quarter of the economy would contract between 2 and 5 percent this year. economy saw contractions, construction, business services and information and communications, 1.1 percent construction, business services and information and communications, Singapore's would contract between 2 and 5 percent this year.
question: Percentage that economy grew in 2007?, answer: 7.8 percent | question: How much did Singapore's economy grow in 2008 as a whole?, answer: 1.1 percent | question: Percentage that Singapore's economy has shrunk in 2008?, answer: shrank by 4.2 percent in the fourth quarter of | question: What does the government forecast?, answer: the economy would contract between 2 and 5 percent this year. | question: What will shrinks in the fourth quarter?, answer: economy | question: Did communications and construction sectors shrink?, answer: saw contractions, | question: What industries have avoided contractions?, answer: construction, business services and information and communications, | question: What was the overall growth rate for 2008?, answer: 1.1 percent | question: What industries did not have economic problems in this country?, answer: construction, business services and information and communications, | question: What nation's economy contracted 4 percent in the last quarter of 2008?, answer: Singapore's | question: What are the government forecasts for the economy in Singapore for the future?, answer: would contract between 2 and 5 percent this year.