MTI Revises 2008 Growth to Around 3.0 per cent

10 October 2008. The Ministry of Trade and Industry (MTI) announced today that the Singapore economy is estimated to contract by 0.5 per cent in the third quarter of 2008 compared to the same period last year. MTI now expects the Singapore economy to grow by around 3.0 per cent in 2008.

Advance GDP Estimates for Third Quarter 2008

Advance estimates show that gross domestic product (GDP) in the third quarter of 2008 declined by 0.5 per cent in real terms over the same period last year. On a seasonally adjusted, annualised quarter-on-quarter basis, real GDP declined by 6.3 per cent, following a 5.7 per cent decline in the previous quarter.

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MINISTRY OF TRADE AND INDUSTRY

10 October 2008