Singapore economy contracts in second quarter

Singapore's economy shrank in the second quarter of the year, official data showed Tuesday, as slowing demand from key export markets China and Europe hit manufacturing. "The advance Q2 GDP estimate was weaker than market expectations," Rajiv Biswas, Asia Pacific chief economist at IHS, told AFP. "The contraction... reflected declines in output across the board in manufacturing, services and construction, dampening the mood ahead of the SG50 celebrations," he said, refer