Singapore’s economy unexpectedly expanded last quarter as manufacturing declined less than initially estimated amid recoveries in advanced countries.
Gross domestic product rose an annualized 0.1 percent in the three months through June from the previous quarter, when it climbed a revised 1.8 percent, the trade ministry said in a statement today. That compares with a July estimate of a 0.8 percent contraction and the median forecast in a Bloomberg News survey of 14 economists for a 0.3 percent drop.
“While global growth in the first quarter of the year turned out weaker than expected, recent incoming data suggest that global economic activities are recovering modestly,” the trade ministry said. Externally-oriented sectors such as finance, insurance and wholesale trade are likely to support expansion in the second half, it said.
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