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.