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

Singapore Q2 GDP Drops 13.2% On Year In Q2

08/10/2020 - 21:32:00 (RTTNews)

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

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).

The fall in GDP was due to the Circuit Breaker (CB) measures implemented from 7 April to 1 June 2020 to slow the spread of COVID-19 in Singapore, as well as weak external demand amidst a global economic downturn caused by the COVID19 pandemic.

Individually by sector, goods producing industries were down 9.2 percent on year - including a 0.7 percent fall in manufacturing and a 59.3 percent decline in construction.

The services producing industries sank an annual 13.4 percent, including drops from wholesale and retail trade, transportation, food services, communications, finance and business.

On a quarterly basis, goods producing industries tumbled 48.1 percent, including declines in manufacturing and construction.

The services producing industries dropped 37.4 percent, including falls in wholesale and retail trade, transportation, food services, communications, finance and business.

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.

Many of Singapore's key final demand markets saw worse-than-projected economic disruptions in the second quarter, and are also expected to experience a more gradual pace of recovery in the second half of 2020 due to the threat of localized outbreaks and the continued need for restriction measures to contain such outbreaks as they occur.

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.

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