News Room - Business/Economics

Posted on 10 Jun 2009

Survey shows Singapore 2009 GDP to shrink 6.5pc

Singapore's economy is expected to shrink 6.5 per cent in 2009, with the local dollar slipping slightly by the end of the year to 1.466 per US dollar, a central bank survey showed today.

 

Gross domestic product is expected to fall 7.7 per cent in the second quarter of 2009 from a year earlier, after contracting 10.1 per cent in the first quarter, the central bank's survey of 19 private-sector economists showed.

 

The economy grew 1.1 per cent in 2008.

 

Non-oil domestic exports are expected to fall 14.1 per cent in 2009, compared to an actual contraction of 7.9 per cent in 2008, the survey said.

 

Manufacturing is seen shrinking 14 per cent in 2009 after a decline of 4.1 per cent last year.

 

Consumer prices are also expected to fall in 2009 by 0.5 per cent after rising 6.5 per cent in 2008, said the survey.

 

The Singapore dollar was trading at 1.519 per US dollar at the end of March and was changing hands at 1.449 per US dollar around 1pm local time today.