(MENAFN) According to Singapore's Ministry of Trade and Industry, the country's economy expanded by 1.7 percent in the April-June period of 2015 compared to a year ago, Xinhua reported.
The second-quarter figure was lower than the 2.8 percent growth registered in the previous quarter and lower than the 2.7 percent growth estimated by the Monetary Authority of Singapore.
However, on a quarter-on-quarter seasonally-adjusted annualized basis, the economy contracted by 4.6 percent, a reversal from the 4.2 percent expansion in the preceding quarter.
The contraction, which is the third consecutive month of decline, was largely driven by a fall in output in the biomedical manufacturing and transport engineering clusters, the ministry said.
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