Tuesday, October 13, 2020

Singapore's economy contracted by 7% year-on-year in the third quarter, official estimates show

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A man wearing a protective face mask walks past an indoor waterfall at Jewel Changi Airport in Singapore.
Roslan Rahman | AFP | Getty Images

SINGAPORE — Singapore's economy contracted by 7% in the third quarter compared with a year ago, according to official estimates released by the Ministry of Trade and Industry on Wednesday.

That slightly missed the 6.8% year-over-year contraction forecast by a Reuters poll of analysts, and was significantly slower than the 13.3% year-on-year decline in the previous quarter.

On a quarter-on-quarter seasonally adjusted basis, the Singaporean economy jumped by 7.9% in the July-to-September period, the ministry said. That's a reversal from the 13.2% contraction in the second quarter.

In a separate release, the country's central bank — the Monetary Authority of Singapore — said it kept its exchange-rate based monetary policy on hold.

Singapore, a major financial center located in Southeast Asia, entered a partial lockdown in early April to blunt the spread of the coronavirus outbreak. Some of the restrictions were eased in early June, allowing most economic activities to resume.

This is breaking news. Please check back for updates.

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