Singapore’s economy shrank for the first time in three quarters as manufacturing slumped, adding to evidence the slowdowns in Europe and the U.S. are curbing growth in Asia. The island’s currency weakened from a record.
Gross domestic product fell an annualized 7.8 percent in the second quarter from the previous three months, when it climbed a revised 27.2 percent, the trade ministry said today, citing preliminary data. The median estimate of 13 economists surveyed by Bloomberg News was for no growth. Full story
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