Singapore economy shrinks 0.7% quarter-on-quarter in Q2 2012
Singapore's economy contracted by less than expected, after a robust showing from the pharmaceutical helped reduce the fall in growth.
The economy shrank 0.7 per cent compared with the three months before, a slightly better showing than the 1.1 per cent originally estimated, the Ministry of Trade and Industry (MTI) said on Friday morning. Compared to a year ago, the economy grew 2 per cent.
Pharmaceuticals and transport engineering provided growth support while electronics had continued to suffer amid a global slowdown.
The MTI expects growth to be between the 1.5 to 2.5 per cent range, a narrowing of its previous 1 per cent to 3 per cent range.