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Singapore economy shrinks by 1.5% but ducks technical recession: gov't

SINGAPORE -- Singapore's economy shrank by 1.5 percent in the third quarter but avoided a technical recession after growth in the previous three months was adjusted upwards, government figures showed Friday.

The Ministry of Trade and Industry said the export-driven city-state was still on track to achieve annual growth of 1.5-2.5 percent in 2012.

“Economic growth in the second quarter was better than expected, resulting in an upward revision of quarter-on-quarter annualized growth from the preliminary estimates of minus 0.7 percent to (plus) 0.2 percent,” it said.

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