Singapore releases third quarter 2020 GDP, economic data

A man wearing a mask seen in the background on 1 April 2020 at Marina Bay Sands, Singapore’s central business district.

Suhami Abdullah | Getty Images

SINGAPORE – The country’s Ministry of Trade and Industry said on Monday that Singapore’s economy declined by 5.8% in the third quarter compared to a year earlier.

According to official data, the South-East Asian economy previously estimated that the economy would decline by 7% year-on-year in the July to September quarter.

The ministry said that on a quarter-on-quarter basis, Singapore’s GDP or GDP grew by 9.2% in the three months to the end of September, a turn from the 13.2% contraction in the second quarter.

Singapore’s economy is now expected to shrink between 6% and 6.5% in 2020 compared to a year earlier. This is narrow compared to the previous official forecast range of contraction of 5% to 7% for 2020.

Economists at the country’s largest bank, DBS, said that with the local outbreak of Kovid-19 largely under control, Singapore’s economy is now “on debt”.

Like many economies globally, Singapore was badly hit by preventive measures that suppressed economic activity for the second quarter. But the city-state has started taking measures since the beginning of June, allowing most activity to resume.

He wrote in a Singapore outlook report last week, “The disappointment and despair that had been dominating for much longer on a global scale is gradually giving rise to hope and optimism of a recovery.”

Economists at DBS expect the Singapore economy to contract at 6% in 2021, with a growth of 5.5% this year.

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