Download a sample report now.Never miss out on our latest data, analysis and industry events. Economists polled by Reuters had expected the Southeast Asian economy to shrink by 37.4% quarter-over-quarter.A technical recession is defined as two consecutive quarters of quarter-on-quarter contraction.

SINGAPORE entered what might be its deepest - if not longest - recession in the second quarter, as gross domestic product (GDP) plummeted a record 12.6 per cent year on year due to Covid-19 measures and weak external demand, Ministry of Trade and Industry (MTI) advance estimates showed on Tuesday. PHOTO: ST FILE 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). GDP Growth Rate in Singapore averaged 6.22 percent from 1975 until 2020, reaching an all time high of 27.20 percent in the second quarter of 2010 and a record low of -41.20 percent in the second quarter of 2020. In the three months ending in June, the economy contracted 12.6% year-on-year (Q1: -0.3% year-on-year) and plummeted 41.2% on a quarter-on-quarter seasonally-adjusted annualized (SAAR) basis (Q1: -3.3% SAAR), marking the sharpest contraction since at least 1990.Looking for forecasts related to GDP in Singapore? Consumer prices increased 0.47% in May over the last month, swinging from April's 0.92% drop. "While many industries, notably tourism and hospitality, will continue to suffer, the economy should rebound faster than others in the region," he wrote in a note last week previewing Singapore's second quarter economic performance. In the first quarter it contracted a revised 3.3% and the median estimate from a WSJ poll of 12 economists was for a 40.2% contraction.Manufacturing output expanded 2.5% from a year earlier, after growing 8.2% in the first quarter.Construction sector shrank 54.7% compared with 1.1% contraction in the first quarter. 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. The government has But Alex Holmes, Asia economist at consultancy Capital Economics, said activity in Singapore has rebounded since the easing of partial lockdown measures last month. 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. Other outward-oriented services sectors such as wholesale trade and water transport were adversely affected by a fall in external demand as many countries around the world grappled with the COVID-19 pandemic. Singapore's economy entered a technical recession after shrinking by 41.2% in the second quarter compared to the previous quarter, advance estimates by the Ministry of Trade and Industry showed on Tuesday.The latest gross domestic product estimate — computed largely from data in April and May — was worse than analysts' forecast. Construction output weakened, which led to a stoppage of most construction activities during the period, as well as manpower disruptions arising from additional measures to curb the spread of COVID-19, including movement restrictions at foreign worker dormitories.

Based on advance estimates1, the Singapore economy contracted by 12.6 per cent on a year-on-year basis in the second quarter of 2020, due to

The Bangko Sentral’s outlook […] Compared to a year ago, the Singapore economy contracted by 12.6% in the second quarter. * Copyright © 2020 Insider Inc. and finanzen.net GmbH

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