Bloomberg, 10 Aug 2011
Singapore cut its forecast for export growth this year as a struggling U.S. economy and Europe’s debt crisis threaten overseas sales, valued at more than half of the island’s gross domestic product.
Non-oil domestic exports will probably rise 6 percent to 7 percent in 2011, less than a previous forecast for shipments to grow 8 percent to 10 percent, the trade promotion agency said in a statement today. Gross domestic product fell an annualized 6.5 percent in the second quarter from the previous three months, compared with a preliminary estimate of 7.8 percent, the trade ministry said separately. Full story
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