Singapore's GDP Contracts 14.6% in Q1

Singapore's real gross domestic product (GDP) contracted by 14.6 percent on a quarter-on-quarter seasonally adjusted annualized basis in the first quarter of 2009,official figures showed on Thursday.

According to the country's Ministry of Trade and Industry (MTI),real GDP contracted by 10.1 percent in the first quarter of 2009 over the same period last year.

The data released on Thursday is better than the government's advance estimates, which projected that the first quarter GDP would contract by 19.7 percent in quarter-on-quarter terms and 11.5 percent in year-on-year terms.

For the whole year, the MTI said it is maintaining the economic growth forecast for 2009 at minus 9.0 to minus 6.0 percent.

"On balance, there are still no decisive indicators of economic recovery," the MTI said.

"At this point in time, any new risk, such as an acute worsening of the Influenza A/H1N1 situation or undisclosed weaknesses in the United States or European banks coming to light,could set back the process of economic recovery by several quarters," the ministry added.