Singapore revises GDP contraction

U.S. journalist freed in Iran, attorney says

Singapore's economy shrank less than previously thought in the first quarter of this year, suggesting an improvement in economic activity in March.

The country's GDP shrank by 14.6% compared with the previous three months, rather than the 19.7% estimated by the government in April. 

The year-on-year contraction of 10.1% was also an improvement on the previous estimate of 11.5%. 

The government still expects a drop in GDP of between 6% and 9% for 2009. 

"The data should convince sceptics that the most pessimistic scenario has been kept at bay," said Kit Wei Zheng at Citigroup. 

Singapore has been hit by a fall in exports during the economic downturn.