October 20, 2020

Singapore economic system shrinks over 40% in Quarter 2, confirming recession – enterprise information

Singapore’s economic system contracted 41.2% within the second quarter from the earlier three months, coming into a technical recession, preliminary knowledge confirmed on Tuesday, as lockdown measures towards the Covid-19 outbreak inflicted ache on the trade-reliant economic system.

Economists polled by Reuters had anticipated a 37.4% shrinkage.

On a year-on 12 months foundation, gross home product (GDP) plunged 12.6%, the Ministry of Commerce and Trade stated in an announcement. Economists had forecast a 10.5% contraction.