"On a quarter-on-quarter seasonally adjusted annualized basis,
real GDP fell by 3.2 percent, compared with 4.4 percent gain a
quarter earlier, reflecting a slowdown in the manufacturing
sector," the Ministry of Trade and Industry said.
See the following link for full report:
http://www.singstat.gov.sg/news/news/advgdp4q2007.pdf
The fall could have been worse if not of huge construction projects
(IRs) and massive government spending such as paying ministers and
top civil servants 50% more in salaries and year end bonuses.
The high ministers' salaries in the Ministers' sector have also
helped to cushion the fall in the GDP. 
