Hemscott, 18 Nov 2008, Reuters
SINGAPORE, Nov 18 (Reuters) - Singapore's budget deficit will be significantly larger in fiscal year 2008, at nearly three times the estimated S$800 million ($526.7 million), Finance Minister Tharman Shanmugaratnam said on Tuesday.
Singapore, already in recession, is set to announce final third-quarter GDP data on Friday. Its economy shrank a seasonally adjusted 5.7 percent in the second quarter and an official flash estimate showed a 6.3 percent contraction in the third quarter.
'We should therefore expect a significantly larger deficit in FY08, possibly more than three times larger than the initially estimated S$800 million,' Shanmugaratnam said in a parliament statement.
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