Singapore Economy is Collapsed Due to Lockdown

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Singapore Economy is Collapsed Due to Lockdown

16.07.2020 News

Singapore’s gross domestic product in the second quarter of 2020 fell by 41.2% compared to the previous quarter. This is evidenced by preliminary national statistics published on Tuesday, July 14.

The volume of industrial production decreased by 23.1%, while construction fell by 95.6%, and the decline in services amounted to 37.7%.

The results were a record drop. At the same time, compared to the second quarter of 2019, Singapore economy reduced by 12.6%, which was also a record reflecting the negative effects of the coronavirus epidemic.

Thus, for the first time since 2009, Singapore economy plunged into a technical recession, which was fixed by the reduction of GDP in quarterly terms for two consecutive quarters. GDP in the first quarter decreased by 0.3% compared to the same period a year earlier.

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