19 Nov 2020

MTI released the 3rd Quarter Economic Survey of Singapore.

Singapore GDP for Q3 2020

Singapore Sectoral Performance in Q3-2020

In the 3rd Quarter of 2020,

1.  The manufacturing sector expanded by 10 per cent, reversing the 0.8 per cent contraction in the second quarter. Growth in the sector was driven by expansions in the electronics, biomedical manufacturing, precision engineering and chemicals clusters. On the other hand, the transport engineering and general manufacturing clusters registered output declines.

2.  The construction sector shrank by 47 per cent, extending the 60 per cent contraction in the preceding quarter, due to lower levels of private and public sector construction output.

3.  The wholesale & retail trade sector contracted by 4.3 per cent, improving from the 6.7 per cent contraction recorded in the previous quarter. Within the sector, both the wholesale trade and retail trade segments contracted.

4.  The transportation & storage sector shrank by 30 per cent, a moderation from the 39 per cent decline in the previous quarter, driven primarily by the weak performance of the air transport, water transport and land transport segments.

5.  The accommodation & food services sector contracted by 24 per cent, improving from the 42 per cent contraction in the preceding quarter, as both the accommodation and food services segments continued to shrink during the quarter.

6.  The finance & insurance sector expanded by 3.2 per cent, faster than the 2.7 per cent growth in the previous quarter. Growth was primarily underpinned by steady expansions in the banking and insurance segments.

7.  The business services sector shrank by 15 per cent, extending the 21 per cent decline in the previous quarter, on account of contractions in the real estate, professional services and “others” segments.

14-Oct-2020

The Singapore economy contracted by 7.0 per cent on a year-on-year basis in the third quarter, an improvement from the 13.3 per cent contraction in the second quarter. This is the 3rd consecutive quarter of contraction.

It expanded by 7.9 per cent on a quarter-on-quarter seasonally-adjusted basis, rebounding from the 13.2 per cent contraction in the preceding quarter.

This was based on advance estimates released by the republic’s Trade and Industry Ministry (MTI) here today.

14 Oct 2020

COVID19 has truly impacted the global economy with IMF projecting a contraction of under 4.5% based on their Oct 2020 estimates.

It is indeed fascinating that the learned institution has projected a global growth in 2021 of 5.2% with China & US bouncing back despite the ongoing pandemic and trade tensions between them.

In 2019, Singapore had the lowest growth in GDP amongst its ASEAN neigbours.

COVID19 has truly crippled several key sectors given Singapore’s high dependency on International Trade, Tourism and Foreign Labor.

All eyes will be on the lookout when MTI releases the 3rd Quarters Economy Survey in mid Nov.