RTTNews - Singapore's gross domestic product expanded by 20.7 percent in the second quarter of 2009 compared to the previous three months, the Ministry of Trade and Industry said in a revised report on Monday, beating estimates for a 19.2 percent gain following the preliminary report of 20.4 percent.

On an annual basis, GDP contracted by 3.5 percent versus forecasts for a 4 percent decline after the 3.7 percent fall in the preliminary report.

Gains among the manufacturing and financial sectors are most responsible for the improvement, the MTI said.

For the first half of the year, the Singapore economy contracted by 6.5 percent. The MTI is maintaining its GDP growth forecast for all of 2009 at between -4 and -6 percent.

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