Singapore economy shrinks over 40% in second quarter, confirming recession

As an Amazon Associate, News On Trump earn from qualifying purchases.Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.



July 14, 2020

SINGAPORE (Reuters) – 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.

(Reporting by Aradhana Aravindan and John Geddie in Singapore; Editing by Muralikumar Anantharaman)



Source link

Leave a Reply

en_USEnglish
zh_TW繁體中文 en_USEnglish