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Economy

Singapore may avoid recession after production beats forecasts

Electronics output stabilized in July after sharp drops in previous months

The Singapore Economic Development Board said on Monday that production at factories and shipyards fell 0.4% in July on a year-on-year basis.   © Reuters

SINGAPORE (Nikkei Markets) -- Singapore's manufacturing output fell for a third straight month in July but the performance was much better than expected, indicating the city-state may avoid falling into a recession following a torrid second quarter.

The Singapore Economic Development Board said on Monday that production at factories and shipyards fell 0.4% in July, slowing from June's on-year contraction of 8.1%. The consensus estimate of economists polled by Refinitiv had been for a larger retreat of 4.9%.

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