10 Aug '11, 11am

Singapore Q2 contraction stokes recession risk: analysts - Yahoo! Singapore Finance via @YahooFinance

Singapore Q2 contraction stokes recession risk: analysts Topics: Economy Government and Policy On Wednesday 10 August 2011, 14:59 SGT Singapore's economic output contracted by 6.5 percent in the second quarter as global electronics demand slumped, official data showed Wednesday. Economists said the drop raised the prospect of a second technical recession in three years for export-dependent Singapore, the first Asian economy to suffer negative growth during the last global downturn. A technical recession takes place when an economy shrinks for two successive quarters. Singapore's economy contracted by 0.8 percent in 2009 but expanded 14.5 percent in 2010 as its key markets recovered. Data from the trade ministry showed gross domestic product (GDP) shrank 6.5 percent quarter-on-quarter on an annualised basis, a sharp reversal from the strong 27.2 percent growth in the first ...

Full article: http://sg.finance.yahoo.com/news/Singapore-Q2-contraction...

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