Singapore economy grows 20.4% in Q2

• Source: Xinhua
• [15:04 July 14 2009]
• Comments

Singapore's Ministry of Trade and Industry (MTI) announced Tuesday that the country's real GDP rose by 20.4 percent in the second quarter compared to the first quarter on a seasonally-adjusted annualized basis.

The second quarter performance is an improvement from the 12.7 percent contraction experienced in the previous quarter, the MTI said.

The MTI also said that it expects the country's economy to contract by 4.0 to 6.0 percent in 2009, an upward revision from the contraction of 6.0 to 9.0 percent it had forecast on April 14 this year.

The MTI said in a statement that the revised forecast reflects "upward revision in first quarter performance, spike in biomedicalmanufacturing output leading to improved second quarter performance, and subdued outlook for the rest of the year."