Singapore’s economy contracted in the second quarter as manufacturing activity declined, data showed on Tuesday, and the government narrowed its 2015 growth forecast citing downside risks to global growth.
Gross domestic product fell 4.0 percent in the second quarter from the previous quarter on an annualized and seasonally adjusted basis, the Ministry of Trade and Industry (MTI) said on Tuesday.
That was better than the government’s advance estimate issued in July, of a 4.6 percent contraction. The median forecast in a Reuters survey was also for a contraction of 4.6 percent.
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