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The Singapore Ministry of Trade and Industry (MTI) has narrowed the GDP growth forecast for 2015 to 2.0 to 2.5 per cent.
The Singapore economy grew by 1.8 per cent on a year-on-year basis in the second quarter, slower than the 2.8 per cent growth in the previous quarter. On a quarter-on- quarter seasonally-adjusted annualised basis, the economy contracted by 4.0 per cent, a reversal from the 4.1 per cent growth in the preceding quarter.
The manufacturing sector contracted by 4.9 per cent year-on-year, extending the 2.4 per cent decline in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector contracted by 18.3 per cent, reversing from the 1.7 per cent growth in the first quarter.
Supported by a pick- up in public sector construction works, the construction sector expanded at a faster pace of 2.5 per cent year-on-year...