Singapore's GDP contracted by 0.6% in 3Q2008: MTI's GDP 2008 Forecast Reduce to 2.5%, 2009 Economic Growth -1% to 2%

The Performance of the Singapore Economy for 3rd Qtr 2008 has been released today by MTI. Singapore's GDP contracted by 0.6%, lower than the earlier estimate of 0.5%, with the largest contraction coming from the manufacturing sector

Highlight:

Singapore GDP Forecast for 2008 reduce to 2.5%

MTI has also revised Singapore GDP Forecast from 3% to 2.5%.

Singapore GDP Forecast for 2009 between -1% to 2%.

MTI said Singapore economy is likely to face a broadbase slowdown in 2009. It has forecasted Singapore GDP Forecast for 2009 between -1% to 2%.

Inflation in 2009 to decline

MTI has revised the forecasted inflation rate for 2009 from 2.5%-3.5% to 1%-2%.

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