SINGAPORE’S economy contracted 41.2% in the second quarter from the previous three months, entering a technical recession, preliminary data showed today, as lockdown measures against the Covid-19 outbreak inflicted pain on the trade-reliant economy.
Economists polled by Reuters had expected a 37.4% shrinkage.
On a year-on year basis, gross domestic product plunged 12.6%, the Ministry of Trade and Industry said in a statement.
Economists had forecast a 10.5% contraction. – July 14, 2020, Reuters
