SINGAPORE (AP) — Singapore cut its growth forecast for this year as a weak global economy hits the island's mainstay manufacturing industries and warned of an anemic expansion in 2013.
The Ministry of Trade and Industry said Friday it cut its 2012 growth forecast to 1.5 percent from 2.5 percent after the economy barely grew in the third quarter.
It said the global economy will remain sluggish next year and Singapore will grow between 1 percent and 3 percent.
Singapore, which relies on manufacturing, casinos and financial services, posted a 0.3 percent expansion in gross domestic product in the third quarter compared with a year earlier.
Quarter to quarter, the economy shrank an annualized 5.9 percent.
The ministry blamed a contraction in manufacturing due to weak overseas demand.