- In the 2020 second quarter, Singapore’s economy fell by 13.2% year-on-year, the worst quarter ever.
- This was due to the circuit breaker measures implemented for most of the quarter and weak external demand.
- Almost all sectors shrank in the April to June period, with the finance and insurance industry being the only bright spot.
The writing was on the wall.
Singapore’s economy contracted by 13.2% year-on-year in the 2020 second-quarter, the worst quarter on record.
The fall was on the back of the circuit breaker measures implemented from 7 April to 1 June 2020 to slow the spread of COVID-19 in our country, as well as weak external demand.
The quarterly contraction also prompted Singapore’s full-year outlook to be slashed again by the Ministry of Trade and Industry (MTI), from a fall of between 4% and 7% previously to a decline of between 5% and 7% now.
Let’s explore further.
TL;DR: Singapore’s Worst Quarter Driven By COVID-19
Highlights from Singapore’s latest quarterly results:
