Singapore’s economy fell 3.4% in the second quarter

The Ministry of Trade and Industry of Singapore reported the strongest fall in GDP since the third quarter of 2012. In the second quarter, Singapore’s economy contracted by 3.4% compared with the first three months of this year. In the previous quarter, an increase of 3.8% was observed. Economic growth over the past 12 months was the slowest over the past 10 years – this figure rose only 0.1% after rising 1.1% a quarter earlier. Both figures were much worse than market forecasts. Their fall was caused, first of all, by a fall in industrial output; loss for the quarter amounted to 0.4%, and for the year, production decreased by 3.8%. The ministry lowered the forecast for the growth of the Singapore economy for the current year to 1.5-2.5% from the previously expected 1.5-3.5%.

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