SINGAPORE: The Singapore economy contracted further during the April to June period and has slipped into a technical recession, advance estimates showed on Tuesday , on the back of weak external demand and a COVID-19 “circuit breaker” shuttering non-essential businesses for most of the quarter.
Preliminary data from the Ministry of Trade and Industry 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.On a quarter-on-quarter seasonally adjusted annualised basis, Singapore’s gross domestic product 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 impact The 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.
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