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Singapore's economy contracts 7% in Q3

Gross domestic product (GDP) shrank 7% in July-September on a year-on-year basis, Singapore's Ministry of Trade and Industry said

twitter-logoReuters | October 14, 2020 | Updated 11:05 IST
Singapore's economy contracts 7% in Q3

Singapore's economy contracted slightly more than expected in the third quarter from a year earlier, preliminary data showed on Wednesday.

Gross domestic product (GDP) shrank 7% in July-September on a year-on-year basis, the Ministry of Trade and Industry said in a statement. Economists polled by Reuters had expected a decline of 6.8%.

GDP grew 7.9% on a quarter-on-quarter seasonally adjusted basis in July-September. The trade ministry said it would only be reporting non-annualised quarter-on-quarter data from the third quarter, and not previously reported annualised data.

Also read: Bangladesh set to overtake India in per capita GDP, says IMF

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