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Singapore GDP shrinks unexpectedly in third quarter

Staff Writer |
Singapore's economy shrank rapidly and unexpectedly in the third quarter, stoking worries about growth in the Asia Pacific region.

The city state's gross domestic product fell at a quarterly annualised pace of 4.1%, a far worse outcome than the flat reading which economists had penclined in.

That brought the year-on-year rate of growth to just 0.6% (consensus: 1.7%) after an expansion of 2.0% in the second quarter.

Factory production in Singapore plummeted at a quarterly annualised pace of 17.4% in the third quarter, while services output dropped 1.9%.

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