RTTNews - Singapore's GDP is expected to contract at a slower pace this year, a preliminary report from the Ministry of Trade and Industry showed Tuesday.

The economy is now expected to contract by between 4% to 6% this year, an upward revision compared to a forecast of 6% to 9% contraction for the year made on April 14.

The Ministry also revised upwards the first quarter results. The report said, on a seasonally adjusted and annualized basis, the real GDP contracted 12.7% in the first quarter compared to the fourth quarter. This is an improvement over the 14.6% contraction estimated in May and a 19.7% fall estimated in April. On a yearly basis, the economy contracted 9.6%.

Moreover, the GDP rose a seasonally adjusted annualized 20.4% in the second quarter from the preceding three months, improving from a 12.7% fall seen in the previous quarter. Compared to the same period last year, the real GDP fell 3.7% in the second quarter, slower than a 9.6% fall seen in the first quarter.

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