The improvement comes following the implementation of the circuit breaker between April 7 and June 1.
Following on from the massive impacts of the Coronavirus pandemic, the third quarter has finally seen Singapore’s economy begin to rebound. Singapore’s GDP (Gross Domestic Product) grow by 7.9 per cent from the quarter before. The construction sector has grown by 38.7 per cent from the results of Quarter 2 however this is still down 44.7 per cent year-on-year.
Service-producing industries such as travel companies have contributed to the 8 per cent on-quarter decline, which although is still not massively positive, is still a vast improvement on Quarter twos 13.6 per cent decline. The manufacturing sector has grown 2 per cent in the third quarter, a vast improvement from the 0.8 per cent on-year decline that was recorded in the second quarter of 2020.
Ravi Menon, Chief Executive of the Monetary Authority of Singapore commented that the full extent of the crisis has not yet been seen and that the trade-reliant economy faces ‘deep-scarring’ as a result of the Covid-19 pandemic.
