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Financial News: Singapore GDP Sinks 13.2% On Year In Q2

Singapore GDP Sinks 13.2% On Year In Q2

08/10/2020 - 20:42:00 (RTTNews)

(RTTNews) - Singapore's gross domestic product was down 13.2 percent on year in the second quarter of 2020, the Ministry of Trade and Industry said on Tuesday.

That was in line with expectations following the upwardly revised 0.3 percent contraction in the three months prior (originally -0.7 percent).

On a seasonally adjusted quarterly basis, GDP plummeted 42.9 percent following the upwardly revised 3.1 percent decline in the first quarter (originally -4.7 percent).

Upon the release of the data, the MTI narrowed Singapore's GDP growth forecast for 2020 to -7.0 to -5.0 percent from -7.0 to -4.0 percent.

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