July 14, 2020 / 12:02 AM / a month ago

Singapore economy shrinks over 40% in Q2, confirming recession

SINGAPORE, July 14 (Reuters) - Singapore’s economy contracted 41.2% in the second quarter from the previous three months, entering a technical recession, preliminary data showed on Tuesday, as lockdown measures against the COVID-19 outbreak inflicted pain on the trade-reliant economy.

Economists polled by Reuters had expected a 37.4% shrinkage.

On a year-on year basis, gross domestic product (GDP) plunged 12.6%, the Ministry of Trade and Industry said in a statement. Economists had forecast a 10.5% contraction. (Reporting by Aradhana Aravindan and John Geddie in Singapore; Editing by Muralikumar Anantharaman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below