Singapore Economy Contracts Most Since 2012 on Manufacturing

Singapore’s economy contracted more than analysts predicted last quarter, underscoring the weakening outlook for Asian nations amid sluggish global growth. The local dollar weakened to its lowest level in more than a month.

Gross domestic product fell an annualized 4.6 percent in the three months through June from the previous quarter, when it expanded a revised 4.2 percent, the trade ministry said in a statement on Tuesday. The median in a Bloomberg News survey was for a 1.5 percent contraction.