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singapore gdp q2 2020

Singapore's economy entered a technical recession after shrinking by 41.2% in the second quarter compared to the previous quarter, government data showed. READ: Singapore's GDP expected to shrink between 4% and 7% as 2020 growth forecast cut again on COVID-19 impact Year-on-year, the economy shrank 12.6 … This service is not intended for persons residing in the EU.

On a QoQ seasonally adjusted annualised basis, the economy shrank by 41.2%.This is said to be attributable to the circuit breaker measures that were implemented from 7 April to 1 June, which included the suspension of nonessential services and closure of most workplace premises, as well as weak external demand amidst a global economic downturn.Meanwhile, the manufacturing sector grew 2.5% YoY in Q2 but is slower than the 8.2% growth in the previous quarter.Growth during the quarter was primarily due to a surge in output in the biomedical manufacturing cluster. Singapore’s GDP plunged 12.6% YoY in Q2, deteriorating faster than the 0.3% fall in the previous quarter, according to the Ministry of Trade and Industry (MTI). SINGAPORE--Singapore's economy shrank at a record pace in the second quarter, owing to the circuit-breakers imposed during most of the period … Singapore GDP plunges 12.6% in Q2, worse than expected: Flash data The GDP plunge was due to the circuit breaker measures that were implemented to slow the spread of Covid-19. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Singapore’s unemployment rate climbed to its highest in a decade and total employment registered its sharpest quarterly decline in the first quarter of this year, as the labour market felt the early effects of COVID-19.There is perceived headroom for additional fiscal stimulus for the Singapore economy, said Ms Ling.Nevertheless, the extent of deterioration of the domestic labour market is something to watch, she added, as it depends on the speed of the Government’s "We see total and resident unemployment as likely to climb higher to 3-3.5 per cent and 4.0-4.5 per cent respectively by end-2020," she said.It looks like the email address you entered is not valid.Copyright© Mediacorp 2020. On a QoQ seasonally adjusted annualised basis, the economy shrank by 41.2%. The Singapore economy is expected to contract by 5.8 per cent this year, according to economists and analysts polled in a survey by the Monetary Authority of Singapore … Click to see the gallery. Escalating trade tensions and risks stemming from a deterioration in the labour market, including a rise in unemployment, were also identified as concerns.Singapore's GDP growth is expected to rise to 4.8 per cent in 2021 as a whole.

The Bangko Sentral’s outlook […] By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Other outward-oriented services sectors, such as wholesale trade and water transport, were adversely affected by a fall in external demand, whilst domestically oriented services sectors, such as food services, retail and business services, were significantly affected by the circuit breaker measures.On a QoQ seasonally adjusted annualised basis, the services producing industries shrank by 37.7% in Q2, extending the 13.4% decline recorded in the preceding quarter.Do you know more about this story?

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