Singapore’s GDP Decline Shows Manufacturing Constraint: Economy
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Singapore’s economy unexpectedly contracted in the second quarter as higher labor costs and company moves to shift production overseas hurt manufacturing.
Gross domestic product fell an annualized 0.8 percent in the three months through June from the previous quarter, when it expanded a revised 1.6 percent, the trade ministry said in a statement today. The median of 17 estimates in a Bloomberg News survey was for a 2.4 percent gain.