According to advance data released today, Singaporean real GDP contracted a
greater than expected 6.8% annualised (1.7% non-annualised) in the final quarter
of 2009, but expanded 3.5% on the year. Consensus was for growth of -0.8% on
the quarter and +4.7% on the year. Because of the weakness in late 2008 and early
2009, the economy shrank 2.1% for the year as a whole. (ubs research)
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