Singapore plunged into recession in the second quarter as growth fell 41.2 percent quarter-on-quarter with the trade-dependent economy hammered by the coronavirus, preliminary data showed Tuesday.
Year-on-year, the economy shrank 12.6 percent between April and June, according to the data from the trade ministry, as strict curbs were imposed to fight the virus. It marks the second consecutive quarter of contraction, meaning that the city state -- which has one of the world's most open economies -- has entered a recession for the first time in more than a decade.
The massive second-quarter drop in GDP was due to "measures that were implemented from 7 April to 1 June to slow the spread of COVID-19, which included the suspension of non-essential services and closure of most workplace premises," the ministry said in a statement. It also attributed to the contraction to "weak external demand amidst a global economic downturn".
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Singapore economy enters recession, second quarter GDP plunges record 41.2%
Singapore’s economy slipped into recession in the second quarter, contracting by a record 41.2% from the previous three months and is facing its biggest slump ever this year as coronavirus lockdown steps hammer the trade-reliant city-state.
Economists polled by Reuters had expected a 37.4% slump, but the pandemic took a heavy toll on the construction sector, which plunged 95.6%.
On a year-on year basis, gross domestic product (GDP) plummeted 12.6%, preliminary data from the Ministry of Trade and Industry showed on Tuesday. Economists had forecast a 10.5% contraction.
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Singapore enters recession after economy shrinks more than 40% quarter on quarter
Singapore’s economy entered a technical recession after shrinking by 41.2% in the second quarter compared to the previous quarter, advance estimates by the Ministry of Trade and Industry showed on Tuesday.
The latest gross domestic product estimate — computed largely from data in April and May — was worse than analysts’ forecast. Economists polled by Reuters had expected the Southeast Asian economy to shrink by 37.4% quarter-over-quarter.
A technical recession is defined as two consecutive quarters of quarter-on-quarter contraction. In the first three months of the year, Singapore reported a 3.3% decline in gross domestic product compared to the preceding quarter. Compared to a year ago, the Singapore economy contracted by 12.6% in the second quarter. That’s also worse than the 10.5% forecast by analysts in the Reuters poll
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Coronavirus: Singapore plunges into recession as economy shrinks 41%
Singapore plunged into recession in the second quarter as growth fell 41.2 per cent quarter-on-quarter with the trade-dependent economy hammered by the coronavirus, preliminary data showed Tuesday.
Year-on-year, the economy shrank 12.6 per cent between April and June, according to the data from the trade ministry, as strict curbs were imposed to fight the virus.
It marks the second consecutive quarter of contraction, meaning that the city state — which has one of the world’s most open economies — has entered a recession for the first time in more than a decade.
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Singapore economy shrinks over 40% in Q2, confirming recession
Singapore's economy contracted 41.2% in the second quarter from the previous three months, entering a technical recession, preliminary data showed on Tuesday, as lockdown measures against the COVID-19 outbreak inflicted pain on the trade-reliant economy.
Economists polled by Reuters had expected a 37.4% shrinkage.
On a year-on year basis, gross domestic product (GDP) plunged 12.6%, the Ministry of Trade and Industry said in a statement. Economists had forecast a 10.5% contraction.
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Singapore in recession with GDP down 12.6% in Q2, flash figures show
SINGAPORE'S gross domestic product (GDP) plummeted 12.6 per cent year on year in the second quarter, bringing the country into full-blown recession, as Covid-19 "circuit-breaker" measures hit hard and external demand stayed weak amid the global downturn, according to Ministry of Trade and Industry (MTI) advance estimates on Tuesday.
The second-quarter figure was worse than economists' expectations of a 10.5 per cent fall, and much worse than the first quarter's revised figure of a 0.3 per cent contraction. The official forecast is for a full-year contraction of between 7 per cent and 4 per cent.
On a quarter-on-quarter seasonally adjusted annualised basis, the economy shrank 41.2 per cent in the second quarter, worsening from the 3.3 per cent contraction the previous quarter.
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Virus-hit Singapore plunges into recession
Singapore plunged into recession in the second quarter as growth fell 41.2 percent quarter-on-quarter with the trade-dependent economy hammered by the coronavirus, preliminary data showed Tuesday.
Year-on-year, the economy shrank 12.6 percent between April and June, according to the data from the trade ministry, as strict curbs were imposed to fight the virus.
It marks the second consecutive quarter of contraction, meaning that the city state -- which has one of the world's most open economies -- has entered a recession for the first time in more than a decade.
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