Singapore economy shrinks over 40% in Quarter 2, confirming recession

Singapore’s financial system contracted 41.2% within the second quarter from the earlier three months, coming into a technical recession, preliminary information confirmed on Tuesday, as lockdown measures towards the Covid-19 outbreak inflicted ache on the trade-reliant financial system.

Economists polled by Reuters had anticipated a 37.4% shrinkage.

On a year-on 12 months foundation, gross home product (GDP) plunged 12.6%, the Ministry of Trade and Industry mentioned in an announcement. Economists had forecast a 10.5% contraction.