Covıd-19, Coronavirus, Singapore Economy, Economy

Covıd-19, Coronavirus

Singapore economy contracts further in Q2, enters technical recession: MTI flash data

Singapore economy contracts further in Q2, enters technical recession: MTI flash data

14/7/2020 3:14:00 AM

Singapore economy contracts further in Q2, enters technical recession: MTI flash data

SINGAPORE: The Singapore economy contracted further during the April to June period and has slipped into a technical recession, advance estimates ...

BookmarkSINGAPORE: The Singapore economy contracted further during the April to June period and has slipped into a technical recession, advance estimates showed on Tuesday (Jul 14), on the back of weak external demand and a COVID-19 “circuit breaker” shuttering non-essential businesses for most of the quarter.

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Preliminary data from the Ministry of Trade and Industry (MTI) showed the economy contracting 12.6 per cent on a year-on-year basis, deteriorating sharply from the first quarter’s 0.3 per cent decline.AdvertisementAdvertisementOn a quarter-on-quarter seasonally adjusted annualised basis, Singapore’s gross domestic product (GDP) shrank by 41.2 per cent in the second quarter, following a 3.3 per cent drop in the earlier three months.

This means that Singapore has entered into a technical recession, defined as two straight quarters of quarter-on-quarter contraction.READ: Singapore's GDP expected to shrink between 4% and 7% as 2020 growth forecast cut again on COVID-19 impactThe advance GDP estimates are computed largely from data in the first two months of the quarter – in this case, April and May – which were the two months when non-essential economic activities were temporarily halted as part of the circuit breaker rules aimed at containing the COVID-19 pandemic.

Read more: CNA »

Singapore GDP plunges 12.6% in Q2, worse than expected: Flash dataThe decline is worse than the 11.3 per cent drop economists had anticipated.. Read more at straitstimes.com.

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Singapore GDP plunges 12.6% in Q2, worse than expected: Flash dataThe decline is worse than the 11.3 per cent drop economists had anticipated.. Read more at straitstimes.com.

China economy rebounds in Q2 after COVID-19 hit: PollChina returned to growth in the second quarter after the coronavirus pandemic handed the world's second largest economy its first contraction in ...

China economy rebounds in Q2 after virus hit: AFP pollBEIJING (AFP) - China returned to growth in the second quarter after the coronavirus pandemic handed the world's second largest economy its first contraction in decades, according to an AFP poll of analysts.. Read more at straitstimes.com.