Singapore's GDP Contracted by 7.0 Per Cent in the Third Quarter of 2020

14 October 2020. Based on advance estimates for the third quarter of 2020, the Singapore economy expanded by 7.9 per cent on a quarter-on-quarter seasonally-adjusted basis, rebounding from the 13.2 per cent contraction in the preceding quarter. On a year-on-year basis, the economy contracted by 7.0 per cent, an improvement from the 13.3 per cent contraction in the second quarter. The improved performance of the Singapore economy in the third quarter came on the back of the phased re-opening of the economy following the Circuit Breaker that was implemented between 7 April and 1 June 2020.

Sectoral Performance

The manufacturing sector grew by 2.0 per cent on a year-on-year basis in the third quarter, a reversal from the 0.8 per cent contraction in the previous quarter. Growth of the sector was supported by output expansions in the electronics and precision engineering clusters, which were in turn driven by robust global demand for semiconductors and semiconductor manufacturing equipment. Ona quarter-on-quarter seasonally-adjusted basis, the manufacturing sector expanded by 3.9 per cent, a turnaround from the 9.1 per cent contraction in the second quarter.

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MINISTRY OF TRADE AND INDUSTRY
14 October 2020