Growth in export-reliant Singapore suffered a surprise sharp contraction in the second quarter, official data showed Friday, sending a stark warning that US-China trade tensions are hurting the global economy.
The city-state’s gross domestic product shrank an annualised 3.4 percent, sharply down from 3.8 percent growth in the first three months of the year and well off forecasts of a slight expansion.
On a year-on-year basis, it expanded just 0.1 percent, the trade ministry said, marking the slowest rate since the global the global financial crisis in 2009 and also well short of estimates.
With its heavy dependence on foreign trade, Singapore is often seen as an indicator of the global economy’s health.
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