Singapore’s economy contracted more than economists predicted last quarter, underscoring the weakening outlook for Asian nations.
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 of 13 estimates in a Bloomberg News survey was for a 1.5 percent contraction.
Singapore’s industrial production fell in May from a year earlier, sliding for a fourth straight month as exports to China and Europe dropped. The slump highlights the threat to Southeast Asian growth as overseas demand falters amid China’s economic deceleration while the protracted crisis in Greece raises risks in Europe.