4 January 2021. Based on advance estimates for the fourth quarter of 2020, the Singapore economy contracted by 3.8 per cent on a year-on-year basis, an improvement from the 5.6 per cent contraction recorded in the third quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 2.1 per cent, following the 9.5 per cent expansion in the third quarter. For the whole of 2020, the Singapore economy contracted by 5.8 per cent.

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MINISTRY OF TRADE AND INDUSTRY
4 January 2021