Singapore’s economy contracted at the fastest pace since Q3 2013 in the three months to June, with the government reporting a 4.6% decline.
The figure was well below the 0.8% increase expected by markets and completely reversed the upwardly-revised 4.2% expansion recorded in the March quarter of 2015.
With the quarterly reading missing to the downside the annual growth rate slowed to 1.7%, the lowest level seen since Q3 2012.
The table below, supplied by Singapore Statistics, reveals that both goods and service producing industries contracted during the quarter. Manufacturing, in particular, put in a horrible performance, down 14% compared to a decline of 9.3% in the same quarter of 2014.