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A man wearing a protective mask walks past an indoor waterfall at Singapore’s Jewel Changi Airport.
Facebook Facebook logo Sign in to Facebook to connect with Roslan Rahman AFP | fake images
SINGAPORE – Singapore’s economy contracted 7% in the third quarter compared to a year ago, according to official estimates released by the Ministry of Commerce and Industry on Wednesday.
That was slightly below the 6.8% year-on-year contraction forecast by a Reuters analyst survey, and was significantly slower than the 13.3% year-on-year decline in the previous quarter.
On a seasonally adjusted quarter-on-quarter basis, Singapore’s economy rose 7.9% in the July-September period, the ministry said. That’s a reversal from the 13.2% contraction in the second quarter.
In a separate statement, the country’s central bank, the Monetary Authority of Singapore, said it kept its monetary policy based on the exchange rate on hold.
Singapore, a major financial center located in Southeast Asia, entered a partial lockdown in early April to slow the spread of the coronavirus outbreak. Some of the restrictions were relaxed in early June, allowing most economic activities to resume.
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