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Singapore upgrades third-quarter GDP, sees economy returning to growth next year
Gross domestic product (GDP) fell 5.8 percent year-on-year in the third quarter, the ministry of trade and industry said on Monday, versus the 7 percent drop seen in the government’s advance estimate.
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A general view of Marina Bay Sands hotels and resorts is seen lit-up in Singapore on Thursday. (AFP/epost-robot)
S
ingapore’s economy contracted much less than initially estimated in the third quarter due to gradual easing of COVID-19 lockdown measures and authorities expect the city-state to bounce back to growth next year from its worst recession.
Gross domestic product (GDP) fell 5.8 percent year-on-year in the third quarter, the ministry of trade and industry said on Monday, versus the 7 percent drop seen in the government’s advance estimate.
Analysts expected a 5.4 percent contraction, according to the median of 10 forecasts.
The government said it now expects full-year GDP to contract between 6.5 percent and 6 percent versus its prior forecast for a 5 percent to 7 percent decline. The country is still facing the biggest downturn in its history.
The economy is expected to grow 4 percent to 6 percent next year.
“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,” the MTI said in a statement.
The economy grew 9.2 percent from the previous three months on a seasonally adjusted basis, compared with the 13.2 percent contraction in the second quarter. The bounce marked the end of a “technical recession”, as it followed two preceding quarterly contractions.
