SINGAPORE - Singapore's economy shrank by 12.6 per cent year on year in the second quarter, according to advance estimates from the Ministry of Trade and Industry on Tuesday , as circuit breaker measures to stem the coronavirus pandemic took its toll.
The decline in gross domestic product is worse than the 11.3 per cent drop economists had anticipated in a Bloomberg survey. It is also much worse than the first three months, when GDP turned negative for the first time in a decade with the economy contracting by 0.7 per cent. MTI said the GDP plunge was due to the circuit breaker measures that were implemented from April 7 to June 1 to slow the spread of Covid-19, as well as weak external demand amidst a global economic downturn.
On a quarter-on-quarter seasonally adjusted annualised basis, the economy contracted by 41.2 per cent in the second quarter. MTI's full-year forecast stood at a 7 to 4 per cent contraction - which would be Singapore's worst-ever recession since independence in 1965.
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