The second quarter of 2009 saw Singapore's gross domestic product (GDP) increasing by 20.7 percent, compared to the previous three months.

This was specified in the revised report by the Ministry of Trade and Industry (MTI) on Monday. The second-quarter GDP figures beat the estimates for a 19.2 percent gain, after the previous report of 20.4 percent.

GDP contracted by 3.5 percent on an annual basis. In the initial report, it was predicted to fall by 4% following the 3.7 percent fall.

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

A contraction by 6.5% was seen in the Singapore economy for the first half of the year. It should be noted that the MTI is maintaining its GDP growth forecast for the whole of
2009 will likely be between -4 and -6 percent.