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SINGAPORE--Singapore's economic growth unexpectedly contracted in the second quarter as the country's manufacturing sector dragged overall output.
Gross domestic product for the three months to June 30 fell 0.8% on a seasonally adjusted and annualized basis compared with the previous quarter, according to advance estimates by the Ministry of Trade and Industry on Monday. This compared with a revised 1.6% increase in the first quarter.
Singapore’s trade with the U.S, in 2013 will probably exceed $50 billion for a third year after the nation attracted the most investment from American companies in the Asia-Pacific region.
“U.S.-Singapore relations are generally at an all-time high,” U.S. Ambassador to Singapore David Adelman said in a Bloomberg Television interview. He gave the trade target for the two countries, saying “Southeast Asia has become increasingly important to American multi-national corporations as they continue to increase their participation in the global economy.”
