Singapore's economy contracted by a record 10.1 per cent in the first three months of 2009 amidst signs that the city-state's worst postwar recession may have bottomed.
The government maintained its forecast that the economy will contract between 6 per cent and 9 per cent this year in spite of the first quarter's revised figures that showed a slight improvement over earlier official estimates for the January-March period.
On a quarter-on-quarter, seasonally adjusted annualised basis, the economy shrank by 14.6 per cent against the government's preliminary estimate a month ago of 19.7 per cent. The economic contraction appeared to be slowing since growth in the fourth quarter of 2008 fell by 16.4 per cent from the previous quarter.
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