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Singapore unemployment falls as new casinos hire

Singapore unemployment falls as new casinos hire

Singapore's unemployment rate fell sharply in the fourth quarter as the developers of two casinos set to open soon in the city-state began hiring.
The unemployment rate was a seasonally adjusted 2.1 percent in December, down from 3.4 percent in September, the Manpower Ministry said in a statement Friday. The jobless rate was 2.5 percent in December 2008.
The economy added a net 38,700 jobs in the fourth quarter, boosted by retailers hiring more staff for the busy Christmas season and the two new casino-resorts, the ministry said. The services sector added 32,100 jobs, construction gained 4,700 while manufacturing gained 1,400.
Malaysia's Genting and Las Vegas Sands are together investing more than $10 billion to open the country's first two casinos during the first half of this year.
The government expects the projects will employ about 35,000 workers and add up to 1 percentage point to gross domestic product growth.
The economy added 38,800 jobs last year, led by 56,100 in services and 25,200 in construction. Those gains made up for 43,000 manufacturing job losses.
Gross domestic product expanded 3.5 percent in the fourth quarter from the same period a year earlier. The government expects the economy to grow up to 5 percent this year after shrinking 2.1 percent last year.


Updated : 2021-03-05 06:03 GMT+08:00