TMCnet, 10 Oct 2008, Japan Economic Newswire
SINGAPORE, Oct. 10_(Kyodo) _ The Singapore government has cut its annual growth forecast for this year to 3 percent from its earlier projection of 4-5 percent after the wealthy city-state's third quarter economic data showed the economy has slipped into recession.
The Ministry of Trade and Industry said that growth domestic product contracted by 6.3 percent in the July-to-September quarter compared with the April-to-June quarter when the economy fell 5.7 percent. A technical recession is defined as two consecutive quarters of negative growth in economic output.
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Singapore in recession, lowers projection of 2008 economic growth - M&C, 10 Oct 08
