Based on advance estimates, the Singapore economy contracted by 0.6 per cent on a year-on-year basis in the first quarter of 2013, compared to the 1.5 per cent growth in the preceding quarter, said the Ministry of Trade and Industry (MTI).
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 1.4 per cent, down from the 3.3 per cent growth in the previous quarter.
On a year-on-year basis, the manufacturing sector contracted by 6.5 per cent in the first quarter, following the 1.1 per cent decline in the previous quarter. Full story
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