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Singapore's economy shrinks 1.1 percent in Q2
Singapore's economy shrinks 1.1 percent in second quarter as global slowdown hurts exports
By The Associated Press

SINGAPORE (AP) Singapore says its economy shrank in the second quarter as a global slowdown undermined demand for the city-state's exports.

The Trade and Industry Ministry said in a statement Friday that gross domestic product contracted 1.1 percent in the April to June period from the previous quarter.

The ministry said the economy expanded 1.9 percent in the second quarter from the same period a year earlier.



The ministry said manufacturing dropped 6 percent from the first quarter while services grew just 0.4 percent and construction 0.3 percent.

Singapore relies on trade, finance and tourism to fuel one of the richest living standards in the world. The government expects the economy to grow as little as 1 percent this year, down from 4.9 percent growth last year.


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