Economy Watch

Non Oil Domestic Export.

NODX 2009 - Year on Year
-20.8 percent in December 2008 - S$10.47 billion
-34.8 percent in January 2009 - S$10.04 billion
-23.8 percent in February 2009 - S$12.87 billion
-17.3 percent in March 2009 - S$11.88 billion
-19.2 per cent in April 2009 - S$11.32 billion
-12.1 per cent in May 2009 - S$10.94 billion
-11.0 per cent in June 2009 - S$11.38 billion
- 8.5 per cent in July 2009 - S$12.08 billion
- 7.1 per cent in August 2009 - S$12.1 billion

To date this is the 16th straight month of decline of export, an indicator for economic activity, since manufacturing for export makes up a substantial chunk of the economy.
The shrinkage look like slowing down though.

This report may indicates that recovery is anywhere near.