10 Aug '12, 12am

Singapore Economy Contracts as Pressure Gains for Policy Easing: Singapore's economy contracted last quarter, ad...

Singapore Economy Contracts as Pressure Gains for Policy Easing: Singapore's economy contracted last quarter, ad...

Singapore’s economy shrank less than initially estimated last quarter as pharmaceutical output countered declining electronics manufacturing, even as the faltering outlook led the government to cut growth forecasts. Gross domestic product fell an annualized 0.7 percent in the second quarter from the previous three months, when it expanded a revised 9.5 percent, the Trade Ministry said in a statement today. That compares with a July preliminary estimate of a 1.1 percent contraction and the median prediction of a 0.5 percent gain in a Bloomberg News survey of 11 economists. The Singapore government this week trimmed its prediction for 2012 growth to 1.5 percent to 2.5 percent, from an earlier forecast for an expansion of as much as 3 percent. Policy makers across the world are girding for a deeper slowdown from Europe’s sovereign-debt turmoil, with Asian central banks from C...

Full article: http://www.businessweek.com/news/2012-08-09/singapore-eco...

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