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Singapore economy officially in recession

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w¡n9Nµ7 §£@¥€r   123

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SINGAPORE (AFP) — Singapore's trade-sensitive economy has declined for a second straight quarter, the government said Friday, meaning the city-state has entered a recession for the first time in six years.

On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in the previous quarter, estimates from the Ministry of Trade and Industry said.

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Singapore's last technical recession occurred in 2002, and the most recent full-scale recession was in 2001 when the economy contracted 2.4 percent during the year.

http://afp.google.com/article/ALeqM5jR7cLE...brc-HPczPpp6wog

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