Singapore Economy Grew by 1.1 Per Cent in 2008
26 February 2009. The Ministry of Trade and Industry (MTI) announced today that the Singapore economy grew by 1.1 per cent for the whole of 2008, compared to 7.8 per cent in 2007. Real gross domestic product (GDP) contracted by 4.2 per cent on a year-on-year basis in the fourth quarter of 2008, after posting flat growth in the third quarter of 2008. On a seasonally-adjusted annualised quarter-on-quarter basis, real GDP declined by 16.4 per cent in the fourth quarter of 2008, following the 2.1 per cent contraction in the previous quarter.
MINISTRY OF TRADE AND INDUSTRY
26 February 2009