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The Singaporean government expects economic growth to wane after a record second quarter, as export demand from the U.S. and Europe slows.
The Trade and Industry Ministry said the weakness in the U.S. labor and housing markets, combined with a decline in consumer confidence, will affect household spending. Gross domestic product for April through June grew 18 percent from a year earlier, slightly less than the 19 percent growth initially announced last month. The growth was the fastest since the government began releasing quarterly GDP figures in 1975.