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Singapore's economy healthier than expected in Q2

Pictured against the skyline of the financial district, a young girl (L) waves a flag while carried by her father along the Marina Bay, during celebrations marking National Day in Singapore on Wednesday. (EPA photo)

SINGAPORE -- Singapore's trade-reliant economy grew much faster than initially estimated in the second quarter and more than analysts had expected, with a rebound in services suggesting a broader and more balanced recovery after a stumble early in the year.

The city-state's economy grew 2.2% in April-June on an annualised and seasonally adjusted basis, rebounding from a revised 2.1% contraction in the preceding quarter, data showed on Friday.

The reading was far stronger than the government's advance estimate last month of 0.4% growth and well above the highest estimate in a Reuters economist poll. Analysts had expected the final reading to pick up only slightly to 0.5%.

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