for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Singapore upgrades Q3 GDP as lockdown measures ease

SINGAPORE, Nov 23 (Reuters) - Singapore’s economy contracted less than initially estimated in the third quarter due to gradual easing of COVID-19 lockdown measures, official data showed on Monday.

Gross domestic product (GDP) fell 5.8% year-on-year in the third quarter, the ministry of trade and industry said on Monday, versus the 7% drop seen in the government’s advance estimate.

Analysts expected a 5.4% contraction, according to the median of 10 forecasts.

The economy grew 9.2% from the previous three months on a seasonally adjusted basis, compared with the 13.2% contraction in the second quarter. The bounce marked the end of a “technical recession”, as it followed two preceding quarterly contractions.

The government said it now expects full-year GDP to contract between 6.5% and 6% versus its prior forecast for a 5% to 7% decline. The country is still facing the biggest downturn in its history.

The economy is expected to grow 4% to 6% next year.

Reporting by Chen Lin; Editing by Sam Holmes

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up