Singapore economy shrinks in Q3

Singapore economy shrinks in Q3

The Singapore government on Wednesday cut its economic growth forecast for this year to 8.0-8.5% from 8.0-9.0% following a sharp slowdown in the third quarter. The trade and industry ministry said the Singapore economy grew by 7.5% year-on-year in the third quarter, down from 12.5% in the three months to June. On an annualized quarter-on-quarter basis, the economy shrank 3.0% in the three months to September. The government maintained its growth forecast for next year of 3.0-5.0%, slowing in line with easing expansion rates in the United States, Japan, China and other Asian economies.