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11 August 2020. The Ministry of Trade and Industry (MTI) today narrowed Singapore’s GDP growth forecast for 2020 to “-7.0 to -5.0 per cent”, from “-7.0 to -4.0 per cent”.
Economic Performance in Second Quarter 2020
The Singapore economy contracted by 13.2 per cent on a year-on-year basis in the second quarter, worsening from the 0.3 per cent contraction in the previous quarter. 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 COVID-19 pandemic. On a quarter-on-quarter seasonally-adjusted basis, the economy contracted by 13.1 per cent, sharper than the 0.8 per cent fall in the first quarter...