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Singapore economy shrinks 0.7% quarter-on-quarter in Q2 2012

Published on Aug 10, 2012 8:04 AM
 
The Singapore 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.-- ST PHOTO: ALPHONSUS CHERN

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.

 
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