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Singapore’s economy performs better than initial estimates in Q3

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A view of the central business district in Singapore May 24, 2018. — Reuters pic
A view of the central business district in Singapore May 24, 2018. — Reuters pic

SINGAPORE, Nov 23 — Singapore’s economy performed better than initial estimates in the third quarter, shrinking 5.8 per cent compared with the same period a year ago — a smaller contraction than the advanced estimates of 7 per cent. 

It also did better on a quarter-on-quarter seasonally adjusted basis, growing 9.2 per cent compared with the second quarter, stronger than the 7.9 per cent growth from initial estimates. 

But the Trade and Industry Ministry today slightly downgraded its growth forecast for Singapore for 2020, projecting the economy to contract by between 6 and 6.5 per cent, compared to an earlier estimate of between 5 to 7 per cent contraction. 

“The improved performance of the Singapore economy came on the back of the phased resumption of activities in the third quarter following the Circuit Breaker that was implemented from April 7 to June 1, 2020, as well as the rebound in activity in major economies during the quarter as they emerged from their lockdowns,” read MTI’s statement.

MTI also said that the global economic situation has remained subdued. With the United States and Eurozone experiencing a resurgence in Covid-19 infections, their recovery may slow as restrictions are re-imposed to slow the spread of the virus.

MTI expects growth for 2021 to come in between 4 and 6 per cent. 

“The recovery of the Singapore economy in the year ahead is expected to be gradual, and will depend to a large extent on how the global economy performs and whether Singapore is able to continue to keep the domestic Covid-19 situation under control,” it said. — TODAY

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