Singapore, Singapore Economy, Gdp

Singapore, Singapore Economy

Singapore Q2 GDP plunges by 13.2% in worst quarter on record

#Singapore Q2 GDP plunges by 13.2% in worst quarter on record

11/8/2020 3:01:00 AM

Singapore Q2 GDP plunges by 13.2% in worst quarter on record

SINGAPORE’S second-quarter economic performance was its worst on record, while the full-year outlook was cut again, policymakers announced on Tuesday morning. Read more at The Business Times.

Tell us what you think. Email us atbtuserfeedback@sph.com.sg"Notwithstanding the narrowing of the forecast range, there continues to be significant uncertainty over how the Covid-19 situation will evolve in the coming quarters, and correspondingly, the trajectory of the economic recovery in both the global and domestic economies," it added in its statement.

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Construction and marine and offshore engineering could see a"deeper and more protracted" downturn than earlier expected, the MTI noted - no thanks to slower-than-expected resumption of activity in industries that rely on foreign workers living in virus-stricken dormitories.

It said:"A sharper slowdown in these sectors is also expected to have negative spillover effects on firms in supporting industries, such as professional services firms providing architectural and engineering services for construction projects." headtopics.com

Manufacturing - which had been the only sector to register year-on-year growth in the advance estimates - fell into negative territory on updated data as it shrank by 0.7 per cent. The contraction reversed factories' 7.9 per cent growth in the quarter before.

As earlier disclosed by the MTI, the chemicals, transport engineering and general manufacturing clusters were weighed down by weak external demand and the disruption of the"circuit breaker".Still, the biomedical manufacturing, electronics and precision engineering clusters notched expansions, helped by a better-than-expected rebound in demand for semiconductors.

Meanwhile, the decline in the services sector was revised up a tad to 13.4 per cent, from an earlier estimate of 13.6 per cent, with finance and insurance the only segment in the black.Construction, which has been badly affected by the wildfire spread of the virus among migrant labourers, plunged 59.3 per cent in the quarter, against an earlier estimate of 54.7 per cent.

On a seasonally adjusted, quarterly basis, the economy lost 13.1 per cent, against a decline of 0.8 per cent in the first quarter.BT is now on Telegram! Read more: The Business Times »

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Singapore lowers 2020 GDP forecast to between -5% and -7% as Q2 sees worse-than-estimated 13.2% plunge Singapore may suffer a deeper recession this year than earlier estimated due to the coronavirus-induced economic slump at home and abroad.. Read more at straitstimes.com.

Singapore's total merchandise trade falls 15.2% in Q2, decline in both oil and non-oil tradeSINGAPORE - Singapore 's total merchandise trade decreased by 15.2 per cent in the second quarter of 2020 compared to a year ago, with declines in both oil and non-oil trade.. Read more at straitstimes.com.

Saudi Aramco's Q2 net profit plunges 73.4% on lower oil prices[DUBAI] Saudi state oil group Aramco on Sunday reported a 73.4 per cent fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a US$25 billion to US$30 billion range. Read more at The Business Times.

Saudi Aramco's Q2 net profit plunges 73.4% on lower oil pricesDUBAI: Saudi Arabian state oil group Aramco on Sunday (Aug 9) reported a 73.4 per cent fall in second-quarter net profit, a steeper drop than ...

Singapore lowers 2020 GDP forecast to between -5% and -7% as Q2 sees worse-than-estimated 13.2% plunge Singapore may suffer a deeper recession this year than earlier estimated due to the coronavirus-induced economic slump at home and abroad.. Read more at straitstimes.com.

Saudi Aramco's Q2 net profit plunges 73.4% on lower oil pricesDUBAI: Saudi Arabian state oil group Aramco on Sunday (Aug 9) reported a 73.4 per cent fall in second-quarter net profit, a steeper drop than ...