Unemployment rate in Singapore declined to its lowest level in 14 years in 2011, preliminary estimates by the Ministry of Manpower showed Tuesday.
The rate fell to 2 percent in 2011 from 2.2 percent in 2010. In the December quarter, the jobless rate remained unchanged at 2 percent compared to the previous quarter, while economists expected a modest rise to 2.1 percent.
Employment growth remained strong in 2011. Total employment grew by 36,300 in the fourth quarter of 2011, bringing growth in the whole of 2011 to 121,300. This was slightly higher than the gains of 115,900 in 2010.
The bulk of the employment gains continued to come from services, which added 95,100 workers in 2011, the Ministry said.
Based on the preliminary findings, 3,600 workers were made redundant in the fourth quarter. This was substantially higher than the 1,960 laid off in the preceding quarter. In 2011, 10,400 workers were made redundant, slightly higher than the 9,800 in 2010.
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