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SINGAPORE: Singapore’s economy contracted 5.8 percent in a 2020 pandemic, even as most industries saw some improvement in the fourth quarter of the year, early estimates from the Ministry of Commerce and Industry showed on Monday. (January 4).
Singapore’s economy contracted 3.8 percent year-on-year in the last quarter of the year, an improvement from the 5.6 percent contraction recorded in the third quarter. Economists polled by Reuters had expected a 4.5 percent drop.
On a seasonally adjusted quarter-on-quarter basis, Singapore’s GDP grew by 2.1% in the last quarter of 2020, following a 9.5% expansion between July and September.
Singapore has been hard hit by the COVID-19 pandemic, with construction, aviation and tourism among the worst hit.
It entered a “circuit breaker” period in April to halt the spread of the COVID-19 outbreak, shutting down non-essential businesses.
It exited the breaker period in June, gradually reopening the economy and is now in Phase 3.
The government has said it expects Singapore to grow again this year, but has warned that the recovery will be gradual.
