10 Aug '12, 12am

Singapore Quarterly Growth Contracts More Than Expected: Singapore's second quarter economic performance was bet...

Singapore on Friday warned of continued uncertainties and downside risks even as it revised second quarter GDP estimates slightly upwards to reflect an unexpected surge in pharmaceutical production in June. Mike Kemp | Getty Images The wealthy Southeast Asian city-state said its economy grew 2.0 percent in April-June from a year ago, better than advance estimates that showed the trade-dependent economy grew 1.9 percent. But on an annualized and seasonally adjusted basis, the economy contracted 0.7 percent in the second quarter from the first, surprising economists who had expected an expansion. "There continue to be uncertainties and downside risks. Barring unforeseen shocks, MTI expects the Singapore economy to remain on track to grow by 1.5 to 2.5 percent in 2012," the Ministry of Trade and Industry (MTI) said in a statement. MTI added that tourism, a star performer in p...

Full article: http://www.cnbc.com/id/48602784

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