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MTI Revises 2009 Growth Forecast

14 July 2009

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14 July 2009. The Ministry of Trade and Industry (MTI) announced today that it expects the Singapore economy to contract by 4.0 to 6.0 per cent in 2009, an upward revision from the contraction of 6.0 to 9.0 per cent that it had forecast on 14 April 2009.

The revised forecast reflects three factors:

(a) upward revision in first quarter performance;

(b) spike in biomedical manufacturing output leading to improved second quarter performance; and

(c) subdued outlook for the rest of the year.

Download the full press release [PDF, 37 KB]

MINISTRY OF TRADE AND INDUSTRY
14 July 2009

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