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MTI Revises Forecasts for 2009 GDP Growth to -9.0 to -6.0 Per Cent

14 April 2009

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14 April 2009. The Ministry of Trade and Industry (MTI) announced today that it expects Singapore’s GDP to contract by 6.0 to 9.0 per cent in 2009, lower than the contraction of 2.0 to 5.0 per cent that it had forecast on 21 January 2009.

Poorer-than-expected first quarter 2009

Advance estimates for the Singapore economy indicate that economic activity slowed down sharply in the first quarter of 2009. On a seasonally adjusted annualised basis, real GDP contracted by 19.7 per cent compared to the previous quarter, worse than the 16.4 per cent contraction in the fourth quarter of 2008. Compared to the same period last year, real GDP is expected to contract by 11.5 per cent, compared to the 4.2 per cent contraction registered in the last quarter. MTI’s earlier forecast had factored in the likelihood of a weak first quarter, but the advance estimates indicate that actual GDP growth will undershoot earlier expectations by a significant margin.

Download the full press release [PDF, 37 KB].

MINISTRY OF TRADE AND INDUSTRY
14 April 2009

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