Singapore economy enters recession, second-quarter GDP plunges record 41.2%

Topics Singapore | recession | Coronavirus


Singapore's economy slipped into recession in the second quarter, contracting by a record 41.2 per cent from the previous three months and is facing its biggest slump ever this year as coronavirus lockdown steps hammer the trade-reliant city-state. Economists polled by Reuters had expected a 37.

4 per cent slump, but the pandemic took a heavy toll on the construction sector, which plunged 95.6 per cent. On a year-on year basis, gross domestic product (GDP) plummeted 12.6 per cent, preliminary data from the Ministry of.....

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