SINGAPORE – The Singaporean economy contracted 5.8% year-on-year in the third quarter (Q3 2020), moderating from the 13.3% recorded in the previous quarter, said the Trade and Industry Ministry.
In a statement today, it said the republic’s economy expanded 9.2% on a quarter-on-quarter, seasonally adjusted basis during the period, a turnaround from the 13.2% contraction in Q2 2020.
It said the improved performance comes on the back of the phased resumption of activities in Q3 following the Covid-19 “circuit breaker” implemented from April 7 to June 1, as well as the rebound in activity in major economies during the quarter as they emerged from lockdowns.
Taking several factors into account, including Singapore’s economic performance in the first three quarters of the year, which stood at -6.5%, the ministry said this year’s gross domestic product growth forecast is narrowed to -6.5% to -6.0%, from -7.0% to -5.0%.
The economy is also projected to grow 4.0% to 6.0% next year, it said.
It said recovery in the year ahead is expected to be gradual, and will largely depend on the global economy’s performance and whether Singapore is able to continue keeping the coronavirus situation under control. – Bernama, November 23, 2020
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