SINGAPORE (July 12): Singapore's economy shrank in the second quarter from the previous three months on an annualised basis, widely missing economists' forecasts, preliminary data showed on Friday.
Gross domestic product (GDP) fell 3.4% in the April-June period from the previous quarter on an annualised and seasonally adjusted basis, the Ministry of Trade and Industry said in a statement.
A Reuters poll had forecast growth of 0.1% on a quarter-on-quarter, seasonally adjusted and annualised basis. In 2019's first quarter, GDP expanded 3.8% from October-December.
Compared with a year earlier, GDP grew 0.1% in the second quarter, less than the 1.1% expansion forecast in a Reuters poll.
In the first quarter, GDP grew a revised 1.1% from a year earlier. - Reuters