SINGAPORE (June 30): Singapore's bank loans fall again, in another indication of a slowing local economy. Total loans outstanding fell 0.7% on-year to $592.78 billion in May, data from the Monetary Authority of Singapore released on Thursday show.

Loans, however, rose 0.5% in May over April. Loans for manufacturing continued to grind lower over last year, while credit taken for building and construction activities rose, the data show.

Singapore's economic growth rate continues to decline. Bank loans data can be an advance indicator of an economy's performance, but the latest numbers show no improvement for Singapore's economy.