15 February 2021. The Ministry of Trade and Industry (MTI) announced today that the Singapore economy contracted by 5.4 per cent in 2020. For 2021, MTI has maintained the GDP growth forecast at “4.0 to 6.0 per cent”.
Economic Performance in Fourth Quarter 2020
The Singapore economy contracted by 2.4 per cent on a year-on-year basis in the fourth quarter, an improvement from the 5.8 per cent contraction in the preceding quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 3.8 per cent, following the 9.0 per cent growth recorded in the previous quarter.
MINISTRY OF TRADE AND INDUSTRY
15 February 2020