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Singapore’s GDP contracted by 7.0 per cent in Q3 of 2020

Singapore, 20 October 2020 – Based on advance estimates for Q3 of 2020, the Singapore economy has expanded by 7.9 per cent on a quarter-on-quarter seasonally-adjusted basis, rebounding from the 13.2 per cent contraction in the preceding quarter.

On a year-on-year basis, the economy contracted by 7.0 per cent, an improvement from the 13.3 per cent contraction in Q2. The improved performance of the Singapore economy in Q3 came on the back of the phased reopening of the economy following the Circuit Breaker that was implemented between 7 April and 1 June 2020.

Gross Domestic Product in chained (2015) dollars

Q3 Q4 2019 Q1 Q2 Q3 20*
Percentage change over corresponding period of previous year
Overall GDP 0.7 1.0 0.7 -0.3 -13.3 -7.0
Goods Producing Industries  
Manufacturing -0.7 -2.3 -1.4 7.9 -0.8 2.0
Construction 3.1 4.3 2.8 -1.2 -59.9 -44.7
Service Producing Industries 0.8 1.5 1.1 -2.3 -13.6 -8.0
Quarter-on-quarter growth rate, adjusted seasonally
Overall GDP 0.6 0.2 0.7 -0.8 -13.2 7.9
Goods Producing Industries  
Manufacturing 1.2 -1.5 -1.4 9.6 -9.1 3.9
Construction 0.9 1.3 2.8 -3.2 -59.4 38.7
Service Producing Industries 0.3 0.5 1.1 -3.4 -11.2 6.8

*Advance estimates

The construction sector shrank by 44.7 per cent on a year-on-year basis in the third quarter, extending the 59.9 per cent decline in the previous quarter. Construction output in the third quarter remained weak on account of the slow resumption of construction activities due to the need for construction firms to implement safe management measures for a safe restart.

On a quarter-on-quarter seasonally-adjusted basis, the construction sector grew by 38.7 per cent, a rebound from the sharp contraction of 59.4 per cent recorded in the second quarter when most construction activities had to come to a stop due to the Circuit Breaker and movement restrictions in the foreign worker dormitories.

– Construction+ Online

Source: Ministry of Trade and Industry