Its previous estimate, announced in August, was for the economy to contract by between 5 percent and 7 percent amid the blow from the coronavirus pandemic. For the third quarter, Singapore’s gross domestic product (GDP) contracted by 5.8 percent on a year-on-year basis, more than halving a record slump of 13.3 percent in the previous quarter when the vitrus “circuit breaker” was in place. Compared on a quarter-on-quarter seasonally adjusted basis, the economy rebounded by 9.2 per cent following a 13.2 percent decline in the previous three months. Both figures for the third quarter were better than the government’s advance estimates of a 7 percent year-on-year contraction and a 7.9 percent quarter-on-quarter expansion. The economy contracted by 6.5 percent on a year-on-year basis over the first three quarters of 2020, said MTI, noting that the global outlook remains subdued for the rest of 2020.

Source: The Standard November 23, 2020 07:07 UTC