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Press Release
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14 JUL 2020
Singapore's GDP Contracted by 12.6 Per Cent in the Second Quarter of 2020
Singapore's GDP Contracted by 12.6 Per Cent in the Second Quarter of 2020
14 July 2020. Based on advance estimates, the Singapore economy contracted by 12.6 per cent on a year-on-year basis in the second quarter of 2020, due to the Circuit Breaker (CB) measures that were implemented from 7 April to 1 June to slow the spread of COVID-19, which included the suspension of nonessential services and closure of most workplace premises, as well as weak external demand amidst a global economic downturn precipitated by the COVID-19 pandemic. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 41.2 per cent in the second quarter.
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MINISTRY OF TRADE AND INDUSTRY
14 July 2020