A woman jogs past a cordoned off Merlion Park on June 12, 2020 in Singapore.
Suhaimi Abdullah | Getty Images
Singapore’s economy contracted by 42.9% in the second quarter of 2020 compared to the previous quarter — sending the Southeast Asian country into a technical recession, the Ministry of Trade and Industry said on Tuesday.
The latest update on Singapore’s gross domestic product was worse than the official advance estimate released last month. The estimate, computed largely from data in April and May, had shown the economy shrinking by 41.2% in the second quarter compared to the prior three months.
On a year-on-year basis, the economy shrank by 13.2% in the quarter ended June 30, according to the ministry. That’s worse than the earlier estimate of a 12.6% year-over-year contraction.
The ministry revised its full-year forecast for Singapore to register an economic contraction of between 5% and 7% in 2020.
Large parts of the Singapore economy were shut in early April as the country entered a partial lockdown — which the government called a “circuit breaker” — to slow the spread of the coronavirus. Some of the restrictions have been eased starting early June, allowing most of the economy to reopen.
This is a developing story. Please check back for updates.
Source: CNBC