GDP To Shrink 6-9%

Source : The Straits Times, April 14, 2009

SINGAPORE'S economy is expected to shrink by 6 to 9 per cent in 2009, the government said on Tuesday.

Singapore also revised downward its outlook for 2009 and now expects GDP to contract by 6 to 9 per cent compared with the previous forecast for the economy to shrink by 2 - 5 per cent. -- ST PHOTO: CAROLINE CHIA

The economy contracted a record 11.5 per cent from a year earlier in the first quarter of 2009, more than a market median forecast of an 8.8 per cent slump, according to Ministry of trade and Industry's preliminary data showed.

Singapore's gross domestic product in the first three months of the year fell at a seasonally adjusted, annualised pace of 19.7 per cent, said MTI.

In the fourth quarter, the economy contracted 4.2 percent from a year earlier and slumped 16.4 per cent in annualised terms.

Singapore also revised downward its outlook for 2009 and now expects GDP to contract by 6 to 9 per cent compared with the previous forecast for the economy to shrink by 2 to 5 per cent.

Data released separately on Tuesday showed that non-oil exports in March fell 17 per cent from a year earlier to S$11.9 billion. March exports rose a seasonally adjusted and annualised 10.8 percent from the previous month after a revised 1.6 percent increase in February. -- REUTERS