Singapore says first-quarter GDP shrinks 15 pc

SINGAPORE: Singapore said its economy shrank less in the first quarter than initially reported, suggesting the city-state's manufacturing and finance sectors improved in March.

Gross domestic product fell an annualized, seasonally adjusted 14.6 per cent in the first quarter from the previous quarter and slid 10.1 per cent from a year earlier, the Trade and Industry Ministry said Thursday.

The ministry said April 14 that GDP plunged 19.7 per cent from the previous quarter and 11.5 per cent from a year ago based on preliminary data largely from January and February.

``The sharp collapse in global trade in late 2008 and early 2009 has tapered off,'' the ministry said. ``While trade is still expected to be weak for the rest of 2009, further declines of the magnitude seen earlier this year seem unlikely.''

The government reiterated it expects a GDP contraction this year between 6 per cent and 9 per cent and a drop in non-oil exports, which account for about 60 per cent of GDP, of between 10 per cent and 13 per cent.