Singapore’s gross domestic product (GDP) contracted 1.5% in the July to September period, compared with the previous three months of the year.
However, an upward revision of the GDP data for the April to June quarter meant the country narrowly avoided a technical recession, defined as two consecutive quarters of contracting growth.
After years of booming economic prosperity, Singapore is now forecasting relatively modest growth of between 1.5% and 2.5% for this year.
Along with manufacturing, data shows tourism and wholesale trade are also to blame.
And the strong Singapore dollar is adding to the woes of many businesses as it makes exports more expensive overseas.
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