Thursday 28 Mar 2024
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SINGAPORE (Oct 16): Following the historic y-o-y plunge of 13.3% in 2Q2020, Singapore’s economy moderated to shrink by 7% y-o-y in the third-quarter, according to official advance estimates. On a q-o-q seasonally-adjusted basis, the republic’s GDP expanded by 7.9% in 3Q2020 ended September, a significant deviation from the 13.2% plunge seen in the previous quarter, according to the Ministry of Trade and Industry (MTI) on Oct 14.

This rebound comes on the heels of the phased re-opening of Singapore’s economy from June 19, after the two-month-long lockdown in April and May that prohibited the operations of non-essential services to curb the spread of Covid-19. The 3Q2020 GDP performance is in line with the 7.6% y-o-y drop anticipated by some 23 private-sector economists in a survey released by the Monetary Authority of Singapore (MAS) on Sept 7.

Among the different industries, the construction sector suffered the most, with a 44.7% y-o-y plunge, as worksites were either undermanned or forced to remain at a standstill as workers remained under quarantine at their dormitories ... (click on link for full story on theedgesingapore.com).

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