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Singapore's Economy Collapsed By A Record 41.2 Percent In The Second Quarter

Singapore's Economy Collapsed By A Record 41.2 Percent In The Second Quarter

Singapore's GDP collapsed by 41.2% in the second quarter of 2020 compared to the first quarter, which was a record fall, according to preliminary official statistics.

The economy has entered a technical recession, which is recorded when GDP shrinks in quarterly terms for two consecutive quarters, for the first time since 2009.

Experts surveyed by Bloomberg, on average, predicted a 35.9% drop in GDP.

In annual terms, the Singapore economy collapsed by 12.6%, the rate of decline also became a record, reflecting the negative impact of the coronavirus pandemic on the economy.

Experts, on average, expected a fall in GDP in annual terms by 10.5%. GDP in the first quarter decreased by 0.3% compared to the same period a year earlier.

Industrial production in Singapore in the second quarter decreased by 23.1% compared to the previous quarter, and annual production increased by 2.5%. Construction volumes fell by 95.6% quarterly and by 54.7% annually, while the decline in services was 37.7% quarterly and 13.6% on an annual basis.