The Ministry of Trade and Industry of Singapore reported the strongest fall in GDP since the third quarter of 2012. In the second quarter, Singapore’s economy contracted by 3.4% compared with the first three months of this year. In the previous quarter, an increase of 3.8% was observed. Economic growth over the past 12 months was the slowest over the past 10 years – this figure rose only 0.1% after rising 1.1% a quarter earlier. Both figures were much worse than market forecasts. Their fall was caused, first of all, by a fall in industrial output; loss for the quarter amounted to 0.4%, and for the year, production decreased by 3.8%. The ministry lowered the forecast for the growth of the Singapore economy for the current year to 1.5-2.5% from the previously expected 1.5-3.5%.
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