Bloomberg.com, 26 Feb 2009, Shamim Adam
Feb. 26 (Bloomberg) -- Singapore’s economy shrank the most in at least 33 years last quarter as a slump in exports and a weakening financial-services industry pushed the island deeper into recession.
Gross domestic product declined an annualized 16.4 percent last quarter from the previous three months, after shrinking a revised 2.1 percent between July and September, the trade ministry said in the Economic Survey of Singapore report today. The contraction was less than a Jan. 21 estimate of 16.9 percent.
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