Categories: ASEAN News

GDP agreements in Singapore by 5.8 pct in 2020

Last updated on January 13th, 2021 at 08:47 am

On Monday morning, the Singapore Ministry of Trade and Industry reported that, based on advance projections, the country’s gross domestic product (GDP) dropped by 5.8 percent year-on-year for the whole of 2020, compared to 0.7 percent growth in 2019.

The economy of Singapore contracted by 3.8 percent year on year for the fourth quarter of 2020, an improvement from the 5.6 percent contraction reported in the third quarter. On a seasonally adjusted quarter-on-quarter basis, the economy expanded by 2.1 percent, following the third quarter’s 9.5 percent growth.

Singapore’s manufacturing sector grew by 7.1 percent in 2020 in a breakdown. It grew year on year by 9.5 percent but contracted in the fourth quarter by 2.6 percent quarter on quarter.
The ministry credits the year-on-year growth of the sector to production expansions in the clusters of electronics, biomedical manufacturing and precision engineering, which outweighed output reductions in the clusters of transport engineering and general manufacturing.

In 2020, the building sector contracted 33.7 percent. It contracted by 28.5 percent year on year but grew in the fourth quarter of last year by 34.4 percent quarter on quarter.

Meanwhile, in 2020, Singapore’s enterprises generating services contracted by 7.8 percent. The services generating industries decreased by 6.8 percent year on year for the fourth quarter but increased 2.4 percent quarter on quarter.

According to the ministry, the advanced GDP estimate published on Monday was computed largely from data for the first two months of the fourth quarter of 2020. These estimates are intended to be an early indicator of quarterly GDP growth and are subject to revision as more detailed data is available.

The ministry has announced that this February it will announce the preliminary GDP estimates for the fourth quarter and the whole of 2020.

UOB economist Barnabas Gan said that despite seeing a full-year contractionin 2020, the Singapore economy had continued to improve since the trough in Q2 2020.

Katherine S

1/4 German, 3/4 Malaysian. I write, follow and monitor closely political news happening in Malaysia, and other happening news in the ASEAN region. Newswriter for the best ASEAN news website - The Asian Affairs.

Recent Posts

V Surprises ARMY with Two Holiday Releases: A Festive Collab with Park Hyo-shin and “White Christmas” Cover

For K-pop fans, the Christmas season this year has become even more magical as several of their preferred stars reveal…

November 22, 2024

Celine Names TWS as Global Ambassadors Following Suzy Bae Announcement

After Suzy Bae's nomination as Celine's worldwide ambassador, the venerable French luxury fashion company has taken another bold step choosing…

November 22, 2024

Reddit Faces Widespread Outage, Users Turn to Workarounds Amid ‘Server Error’ Messages

Thousands of users of the well-known social network Reddit were left without access after a major outage of the website.…

November 22, 2024

Anne Hathaway Casted as ‘Verity’ in Colleen Hoover’s Book Adaptation

Anne Hathaway is slated to play the much expected film version of Colleen Hoover's best-selling book Verity in front of…

November 21, 2024

Gucci Set to Revolutionize Fashion Presentations with Unified Shows in 2025 under Sabato De Sarno’s Vision

Gucci is ready to change its presentation approach for 2025 in a radical action aimed to revolutionize the fashion industry.…

November 21, 2024

South Korea’s “Korea Discount”: Addressing the Governance Gap to Boost Market Value

As world investors wait for significant changes that might solve long-standing problems of governance and responsibility in South Korea's companies,…

November 21, 2024

This website uses cookies.

Read More