HONG KONG - Singapore said Friday that its trade- and export-oriented economy contracted 0.5% in the third quarter, technically sliding into the country's first recession in six years. According to the government's gross domestic product estimate for the July-Sept. quarter, Singapore's economy shrank by an annualized, seasonally adjusted 6.3% in the third quarter from the second quarter, stunning investors, pundits and citizens alike. Its initial forecast had projected 1.1% growth for the quarter. On a yearly basis, the economy contracted by 0.5%, as exports and manufacturing slumped. The advance estimate is based on available July-August data and the government's estimates for September. Among the basic sectors, manufacturing declined the most in the latest quarter, dropping 11.5% from last year. Services also declined, by...
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