Singapore's gross domestic product was down a seasonally adjusted 0.7 percent in the second quarter of 2012 compared to the previous three months, the Ministry of Trade and Industry said on Friday.
That's an improvement from last month's advance reading that called for a 1.1 percent contraction. GDP was up 9.4 percent in the first quarter.
On a yearly basis, GDP was up 2.0 percent, up from the 1.9 percent advance reading and also up from the 1.4 percent increase in the previous three months.
Upon the release of the data, the Ministry of Trade and Industry narrowed its GDP growth forecast for 2012 to 1.5 to 2.5 percent; originally, it was 1.0 to 3.0 percent.
by RTT Staff Writer
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