The MTI has released its advance GDP estimates for the Singapore economy in Q1-2009. The Singapore economy fell 11.5% in Q1-2009 compared to Q1-2008 and declined by an even sharper 19.7% quarter on quarter which is even worse than the 16.4% quarter on quarter contraction in Q4-2008. Manufacturing contracted 29% and services fell 5.9% which were in part partially offset by a 25% rise in construction. The MTI has as a result of this sharp growth decline lowered Singapore's GDP growth forecasts for 2009 has been lowered from -2% to -5% to now -6% to -9%.
Singapore Advance GDP estimates Year on Year
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