A man with a mask taking a walk at Marina Bay Sands in Singapore’s central business district, seen in the background on April 1, 2020.
Suhaimi Abdullah | Getty Images
Singapore — Singapore’s economy shrank 5.8% in the third quarter compared to a year ago — better than originally estimated, the country’s Ministry of Trade and Industry said Monday.
Official data previously predicted that the Southeast Asian economy would shrink 7% year-on-year in the July-September quarter.
On a seasonally adjusted quarterly basis, Singapore’s gross domestic product or GDP increased 9.2% in the three months to September, recovering from a 13.2% contraction in the second quarter, according to the ministry.
According to MTI, Singapore’s economy is expected to shrink by 6% to 6.5% in 2020 compared to a year ago. This is narrower than the previous official forecast of a 5% to 7% reduction in 2020.
According to economists at DBS, the country’s largest bank, outbreaks in the Covid-19 region have been largely curtailed and Singapore’s economy is currently “recovering.”
Singapore, like many of the world’s economies, was hit hard by containment measures that curtailed economic activity for much of the second quarter. However, city-states have begun to lift measures in early June and can resume most activities.
“The despair and disappointment that dominated the global background throughout the year is gradually giving way to hope and optimism for recovery,” said Singapore’s outlook report last week.
DBS economists expect Singapore’s economy to shrink 6% this year before it recovers to 5.5% growth in 2021.
Singapore releases GDP and economic data for Q3 2020
Source link Singapore releases GDP and economic data for Q3 2020