2001 dot-come bust The last time Singapore registered a full-year contraction of its economy was in 2001.

SHARES. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners SINGAPORE: Singapore has entered a technical recession after its economy contracted 41.2 per cent in the second quarter from the previous three months, dragged down by weak external demand and COVID-19 "circuit breaker" measures.Several months of COVID-19 restrictions and workplace closures have battered Singapore's construction, retail and tourism sectors, with little sign of the pain abating.On a quarter-on-quarter seasonally adjusted annualised basis, Singapore’s GDP shrank 41.2 per cent in the April to June period, deepening the 3.3 per cent contraction in the preceding three months, said the Ministry of Trade and Industry (MTI) in advance estimates on Tuesday (Jul 14).This means that Singapore has entered a technical recession, defined by economists as two consecutive quarter-on-quarter contractions.Economists polled by Reuters had expected a 37.4 per cent shrinkage.Year-on-year, the economy shrank 12.6 per cent, deteriorating from the first quarter’s revised 0.3 per cent decline. A technical recession refers to two consecutive quarters of contraction. GE2020 over liao means you need to wait another 5 more years before you can say “GE coming!” again. July 14, 2020 Soon Xue Ling Reading Time: 2 minutes. Services industries fell 13.6 per cent year on year in the second quarter, steeper than the 2.4 per cent decline in the previous quarter.The only bright spot was manufacturing, which grew 2.5 per cent year on year in three months to June 30, but this lagged the 8.2 per cent pace of the first quarter.Get The New Paper on your phone with the free TNP app. Home/Markets Read/Economic News/ Singapore Enters Technical Recession As COVID-19 Hit the Economy. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. This service is not intended for persons residing in the EU.

1 minute read. Covid-19 forces Singapore into technical recession Economy Saturday, 18 Jul 2020 By OVAIS SUBHANI. The economy took a bigger hit than expected in the second quarter as the circuit breaker took its toll and sent the country into its first technical recession in 11 years.Gross domestic product (GDP) dived 12.6 per cent compared with the same period last year - markedly more than the 10.5 per cent drop economists tipped in a Bloomberg poll.It is also much worse than in the first quarter, when GDP fell by a revised 0.3 per cent, marking the first time growth had turned negative in a decade.The Ministry of Trade and Industry (MTI) said yesterday that the sharp fall in GDP was due to the circuit breaker measures implemented from April 7 to June 1, as well as weak external demand amid a global economic downturn.The quarter-on-quarter estimates are especially stark, showing that the economy shrank a record 41.2 per cent from the first quarter to the second, signalling a technical recession for the first time since 2009.A technical recession refers to two straight quarters of quarter-on-quarter contraction.Trade and Industry Minister Chan Chun Sing said yesterday the numbers show the extent of the challenges facing Singapore and the effort required to restore the economy. Singapore has entered a technical recession as economic growth fell by 13.2% in the second quarter of this year, authorities said on Tuesday. Mediacorp Pte Ltd. All rights reserved.related media assets (image or videos) available.

"We expect recovery to be a slow and uneven journey, as external demand continues to be weak and countries battle the second and third waves of outbreaks by reinstating localised lockdowns or stricter safe-distancing measures. Download from the The quarter-on-quarter estimates showed the economy shrank a record 41.2 per cent from the first quarter. On a quarterly basis, the sector fell 37.7 per cent.Global and domestic travel curbs had "severely" affected tourism-related sectors, while outward-oriented services sectors such as wholesale trade were adversely hit by falling external demand, said MTI.Meanwhile, domestically oriented services sectors such as food services, retail and business services were also "significantly affected" by the circuit breaker rules, it said.Manufacturing was the only sector to see growth when compared to the same period last year. 2.6k. This service is not intended for persons residing in the EU. The sector expanded 2.5 per cent year-on-year, although slowing down from the 8.2 per cent growth in the previous three months. Marlene Warner 2 days ago.

Gross domestic product (GDP) fell 13.2% year-on-year in the second q…

Singapore has entered a technical recession after its economy contracted 41.2 per cent in the second quarter from the previous three months, dragged down …

"The road to recovery in the months ahead will be challenging," he said in a Facebook post. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. By John Geddie and Aradhana Aravindan SINGAPORE (Reuters) - Singapore's recession was deeper than first thought in the second quarter due to coronavirus lockdown measures, and the government said the trade-reliant economy's path to recovery remained uncertain due to the pandemic. The construction sector was the worst hit in the second quarter, contracting 54.7 per cent year-on-year after the first quarter's  1.1 per cent fall. Economic News Singapore Enters Technical Recession As COVID-19 Hit the Economy. On a quarterly basis, the sector contracted 23.1 per cent.MTI said output in the biomedical manufacturing cluster surged during the second quarter, but weak external demand and workplace disruptions during the circuit breaker weighed on output in the chemicals, transport engineering and general manufacturing clusters.The advance GDP estimates are computed largely from data in the first two months of the quarter – in this case, April and May which were the two months when non-essential economic activities were temporarily halted as part of the circuit breaker rules aimed at containing the COVID-19 pandemic.To nurse the economic pain, the Government has announced four support packages worth close to S$100 billion, or nearly 20 per cent of GDP, so far.The measures include wage support for affected employers and cash payouts to adult Singaporeans.It looks like the email address you entered is not valid.Copyright© Mediacorp 2020. This as the circuit breaker halted most construction activities and other measures such as movement restrictions at foreign worker dormitories brought about manpower disruptions, MTI said.The services sector shrank 13.6 per cent year-on-year, also seeing a much steeper decline than its 2.4 per cent drop in the first quarter.