that they expect Singapore's gross domestic product to shrink between 4 and 7 per cent this year, as the coronavirus outbreak continues to pose severe strains on the economy.
Year-on-year, the economy shrank 12.6 per cent, deteriorating from the first quarter’s revised 0.3 per cent decline. The services sector shrank 13.6 per cent year-on-year, also seeing a much steeper decline than its 2.4 per cent drop in the first quarter. On a quarterly basis, the secotor fell 37.7 per cent.
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