On 10 Oct 2008, the Ministry of Trade and Industry (MTI) announced that Singapore quarter-to-quarter GDP estimates for 3Q declined by 0.5%. As such, GDP for year 2008 is revised to a mere 3.0%.
This latest economic report effectively put Singapore into a technical recession.
MTI Revises 2008 Growth to Around 3.0 per cent
http://app.sprinter.gov.sg/data/pr/20081010995.pdf
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