Singapore slid into recession for the first time since 2002 with the economy shrinking for the second quarter in a row. The Ministry of Trade and Industry announced today that gross domestic product (GDP) in the third quarter of 2008 declined by 0.5 per cent in real terms over the same period last year. On a seasonally adjusted, annualised quarter-on-quarter basis, real GDP declined by 6.3 per cent, following a 5.7 per cent decline in the previous quarter.
The ministry now expects the Singapore economy to grow by around 3 percent in 2008. Recession last
Singapore Finance Minister Tharman Shanmugaratnam earlier this week said the recession could continue for several quarters.
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