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Singapore economy contracts further in Q2, enters technical recession: MTI flash data

Jul 14, 2020 | 🚀 Fathership
SINGAPORE: Singapore has entered a technical recession after its economy contracted 41.2 per cent in the second quarter from the previous three months, dragged down by weak external demand and COVID-19 "Circuit breaker" measures.

On a quarter-on-quarter seasonally adjusted annualised basis, Singapore's GDP shrank 41.2 per cent in the April to June period, deepening the 3.3 per cent contraction in the preceding three months, said the Ministry of Trade and Industry in advance estimates on Tuesday.

The construction sector was the worst hit in the second quarter, contracting 54.7 per cent year-on-year after the first quarter's 1.1 per cent fall.

The services sector shrank 13.6 per cent year-on-year, also seeing a much steeper decline than its 2.4 per cent drop in the first quarter.

The sector expanded 2.5 per cent year-on-year, although slowing down from the 8.2 per cent growth in the previous three months.