Skip Ribbon Commands
Skip to main content
Sunday, January 24 2021
Tiếng Việt
a A
Date 25/11/2020-14:01:00 PM
Singapore’s economy further recovers

The Ministry of Trade and Industry (MTI) of Singapore on November 23 narrowed its forecast contraction to between 6 percent and 6.5 percent in 2020 (Photo: businesstimes.com.sg)
The Ministry of Trade and Industry (MTI) of Singapore on November 23 narrowed its forecast contraction to between 6 percent and 6.5 percent in 2020, from 5 percent to 7 percent before, as GDP improved in the third quarter.

The economy shrank by 5.8 percent year-on-year in Q3, beating an earlier estimate of a 7-percent decline, on better-than-expected factory output in September. The latest print takes the contraction for the first nine months to 6.5 percent.

The country’s GDP is projected to grow by 4 percent to 6 percent in 2021, as the world's major economies recover from the economic disruption of the COVID-19 pandemic.

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 added.

With Singapore in the second phase of its three-stage reopening, the economy shrank by a more gradual 5.8 percent year-on-year in the July-September period, moderating from the 13.3 percent plunge seen in the three months prior.

On a quarter-on-quarter basis, Singapore's GDP added 9.2 percent in the third quarter, after slipping 13.2 percent in the second quarter./.


VNA

    Viewed: 99

Rating

(Choose stars to rate)
  
MINISTRY OF PLANNING AND INVESTMENT PORTAL
Copyright by Ministry of Planning and Investment
Address: No. 6B, Hoang Dieu, Ba Dinh, Hanoi - Tel: (84-80)43485; (84-24)38455298 (Ministry Office);
Fax: (84-24)38234453 (Ministry Office); Email: banbientap@mpi.gov.vn