Singapore’s economy unexpectedly contracted in the second quarter as sluggish global demand knocked the city-state's manufacturing sector, dimming the outlook as growth in key trade partner China continues to cool.
Gross domestic product shrank 4.6 percent in the second quarter from the previous three months on an annualised and seasonally adjusted basis, pressured by the manufacturing sector contracting 14 percent on quarter, advance estimates from the Ministry of Trade and Industry (MTI) showed on Tuesday.
That was in sharp contrast to a revised 4.2 percent expansion clocked in the first quarter and well below the median forecast of 0.8 percent growth in a Reuters poll.
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Gross domestic product shrank 4.6 percent in the second quarter from the previous three months on an annualised and seasonally adjusted basis, pressured by the manufacturing sector contracting 14 percent on quarter, advance estimates from the Ministry of Trade and Industry (MTI) showed on Tuesday.
That was in sharp contrast to a revised 4.2 percent expansion clocked in the first quarter and well below the median forecast of 0.8 percent growth in a Reuters poll.
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