What dragged down Singapore's economy in 4Q11?

The downswing in the global tech cycle and the weak property market saw the economy shrink by 1.3%.

As other ASEAN export-facing economies remain tied to demand from the U.S. and Europe, Singapore relies on uptick in global electronics production to drive a second-half upturn.

Here's more from the report by Moody's Analytics:

Singapore has not fared well since its performance is more closely tied to the global outlook. The city-state's economy shrank 1.3% in the fourth quarter with the downswing in the global tech cycle weighing on manufacturers, while a weak property market dragged on construction. Forward-looking indicators suggest an uptick in global electronics production is in the wings. Purchasing managers have become more upbeat and report rising production and export orders, which will help drive a second-half upturn.

Traditionally export-oriented, the ASEAN-5—Indonesia, Malaysia, Philippines, Singapore and Thailand—have shown resilience in the face of weak global demand. But even with a solid pickup in consumer spending and fixed investment, these economies remain reliant on exports and, with global demand still soft, Moody’s Analytics expect growth across Southeast Asia to remain slightly below potential in 2012. As the global economy is still on shaky ground, monetary policymakers will maintain their easing bias through the year.