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Financial News: Singapore GDP Plummets 41.2% On Quarter In Q2

Singapore GDP Plummets 41.2% On Quarter In Q2

07/13/2020 - 20:17:00 (RTTNews)

(RTTNews) - Singapore's gross domestic product tumbled a seasonally adjusted 41.2 percent on quarter in the second quarter of 2020, the Ministry of Trade and Industry said in Tuesday's advance estimate.

That missed forecasts for a drop of 37.4 percent following the upwardly revised 3.3 percent contraction in the previous three months (originally -4.7 percent).

On a yearly basis, Singapore's GDP sank 12.6 percent - again shy of expectations for 10.5 percent following the upwardly revised 0.3 percent fall in the three months prior (originally -0.7 percent).

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