Singapore economy enters recession, second-quarter GDP plunges record 41.2%

Singapore's economy slipped into recession in the second quarter, contracting by a record 41.2 per cent from the previous three months and is facing its biggest slump ever this year as coronavirus lockdown steps hammer the trade-reliant city-state.

Economists polled by Reuters had expected a 37.4 per cent slump, but the pandemic took a heavy toll on the construction sector, which plunged 95.6 per cent.

On a year-on year basis, gross domestic product (GDP) plummeted 12.6 per cent, preliminary data from the Ministry of Trade and Industry showed on Tuesday. Economists had forecast a 10.5% contraction.

The GDP slump marked the