26 May 2020. The Ministry of Trade and Industry (MTI) today revised Singapore’s GDP growth forecast for 2020 downwards to "-7.0 to -4.0 per cent".
Economic Performance in First Quarter 2020
The Singapore economy contracted by 0.7 per cent on a year-on-year basis in the first quarter, a reversal from the 1.0 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 4.7 per cent, a pullback from the 0.6 per cent expansion in the fourth quarter of last year.
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MINISTRY OF TRADE AND INDUSTRY
26 May 2020