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MTI Forecasts GDP Growth of “-6.5 to -6.0 Per Cent” in 2020 and “+4.0 to +6.0 Per Cent” in 2021

MTI Forecasts GDP Growth of “-6.5 to -6.0 Per Cent” in 2020 and “+4.0 to +6.0 Per Cent” in 2021

23 November 2020. The Ministry of Trade and Industry (MTI) announced today that Singapore’s GDP growth is expected to come in at “-6.5 to -6.0 per cent” in 2020 and “+4.0 to +6.0 per cent” in 2021.

Economic Performance in Third Quarter 2020

The Singapore economy expanded by 9.2 per cent on a quarter-on-quarter seasonally-adjusted basis in the third quarter, a turnaround from the 13.2 per cent contraction in the second quarter. On a year-on-year basis, the economy contracted by 5.8 per cent, moderating from the 13.3 per cent contraction recorded in the previous quarter. The improved performance of the Singapore economy came on the back of the phased resumption of activities in the third quarter following the Circuit Breaker that was implemented from 7 April to 1 June 2020, as well as the rebound in activity in major economies during the quarter as they emerged from their lockdowns.

Please click here for the full press release.

Economic Survey of Singapore Third Quarter 2020

MINISTRY OF TRADE AND INDUSTRY
23 November 2020

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