Sunday, July 13, 2014

Singapore economy contracts in second quarter


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Singapore's economic growth moderated in the second quarter, hurt by a slide in manufacturing output and continuing weakness in its services sector.


The economy grew 2.1 percent in the second quarter from a year ago period, data showed on Monday, missing a Reuters forecast of 3.1 percent increase and after logging a 4.9 percent rise in the first quarter.


On a quarter on quarter basis, the wealthy city state contracted 0.8 percent, compared with the 2.5 percent rise Reuters forecast and following the 2.3 percent gain in the first quarter.


The Singapore dollar traded flat against the greenback following the data.


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