Singapore’s economy fell at a seasonally adjusted annualized rate (SAAR) of 4.6% in the second quarter of 2015, which significantly contrasted Q1’s 4.2% expansion. Q2’s lackluster performance resulted from poor performance in every sector of the economy, with the manufacturing sector recording the sharpest fall. The small open economy has been predictably suffering from soft global trade. Despite Q2’s poor result, more high-frequency indicators showed signs of improvement throughout the quarter. Indeed, in June, the manufacturing PMI increased and remained in expansionary territory for the second consecutive month, while exports grew at the fastest rate in three months.