You are here: Home » International » News » Economy
Business Standard

Singapore GDP shrinks 7% in third quarter, more than forecasts

Singapore's economy contracted slightly more than expected in the third quarter from a year earlier, preliminary data showed on Wednesday.

Topics
Singapore | Gross domestic product | Global economy

Reuters  |  SINGAPORE 

Representative image
Representative image

(Reuters) - Singapore's contracted slightly more than expected in the third quarter from a year earlier, preliminary data showed on Wednesday.

(GDP) shrank 7% in July-September on a year-on-year basis, the Ministry of Trade and Industry said in a statement. Economists polled by Reuters had expected a decline of 6.8%.

GDP grew 7.9% on a quarter-on-quarter seasonally adjusted basis in July-September. The trade ministry said it would only be reporting non-annualised quarter-on-quarter data from the third quarter, and not previously reported annualised data.

 

(Reporting by Chen Lin; Editing by Sam Holmes)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, October 14 2020. 10:06 IST
RECOMMENDED FOR YOU
.