Singapore’s GDP Contracted by 3.8 Per Cent in the Fourth Quarter of 2020

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.

Sectoral Performance

The manufacturing sector expanded by 9.5 per cent on a year-on-year basis in the fourth quarter, extending the 10.8 per cent growth in the previous quarter. Growth of the sector was supported primarily by output expansions in the electronics, biomedical manufacturing and precision engineering clusters, which outweighed output declines in the transport engineering and general manufacturing clusters. On a quarter-on-quarter seasonally-adjusted basis, the manufacturing sector contracted by 2.6 per cent, a pullback from the 12.6 percent expansion in the third quarter.

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MINISTRY OF TRADE AND INDUSTRY
4 January 2021