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Singapore economy shrinks
Singapore economy shrinks

Singapore says its economy shrank in the second quarter as weakening global economic growth hurt demand for the city-state's exports.

The Trade and Industry Ministry said today that gross domestic product contracted at a seasonally adjusted, annualised rate of 0.7 per cent in the April to June period from the previous quarter, when it expanded 9.5 per cent.

The ministry said the economy expanded 2 per cent in the second quarter from the same period a year earlier, up from 1.5 per cent growth in the first quarter.

The ministry said it narrowed its growth forecast for this year to between 1.5 per cent and 2.5 per cent from between 1 per cent and 3 per cent.