Economics World

Singapore in recession; growth down 41.1% Q on Q

TheMole
Written by TheMole

July 14, 2020.

Singapore is in recession after its growth fell 41.2 per cent quarter-on-quarter, with the island nation that is heavily dependent on trade badly affected by the Covid-19 pandemic.

Data from its trade ministry show that year-on-year, the economy shrank 12.6 per cent between April and June, which was the second consecutive quarter of contraction.

The ministry explained that the second-quarter drop in GDP was the result of Covid-19 containment measures which were implemented from April 7 to June 1.

It attributed the contraction to the suspension of non-essential services and closure of most workplace premises as well as weak external demand amidst a global economic downturn.

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