singapore gdp q2 2020
The Bangko Sentral ng Pilipinas (BSP) has estimated a deeper dive for Philippine gross domestic product (GDP) in the second quarter of the year. READ: Singapore's GDP expected to shrink between 4% and 7% as 2020 growth forecast cut again on COVID-19 impact Year-on-year, the economy shrank 12.6 … Respondents on average estimated that the economy would most likely grow by at least 4 per cent next year.Economists' downgrading of the full-year GDP growth forecast is unsurprising, given the cut in the official growth forecast last month, said Ms Selena Ling, head of treasury research and strategy at OCBC Bank.How quickly Singapore's economy reopens will depend on the novel coronavirus situation, she said. On the other hand, weak external demand and workplace disruptions during the circuit breaker period weighed on output in the chemicals, transport engineering and general manufacturing clusters.However, on a QoQ basis the manufacturing sector shrank by 23.1%, a sharp reversal from the 45.5% expansion in the preceding quarter.Further, the construction sector contracted by 54.7% YoY in Q2, a significant deterioration from the 1.1% dip in Q1.Construction output is said to have weakened on account of the circuit breaker measures which led to a stoppage of most construction activities during the period, as well as manpower disruptions, including movement restrictions at foreign worker dormitories.On a QoQ seasonally adjusted annualised basis, the construction sector crashed 95.6% in Q2, far worse than the 12.2% contraction in the preceding quarter.Moreover, the services producing industries contracted by 13.6% YoY in Q2, steeper than the 2.4% decline in the previous quarter.Tourism-related sectors like accommodation and the air transport sector were severely affected by global and domestic travel restrictions. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Based on advance estimates, the Singapore economy contracted by 2.2 per cent on a year-on-year basis in the first quarter of 2020, reversing the 1.0 per cent growth in the preceding quarter Other outward-oriented services sectors, such as wholesale trade and water transport, were adversely affected by a fall in external demand, whilst domestically oriented services sectors, such as food services, retail and business services, were significantly affected by the circuit breaker measures.On a QoQ seasonally adjusted annualised basis, the services producing industries shrank by 37.7% in Q2, extending the 13.4% decline recorded in the preceding quarter.Do you know more about this story? MTI Downgrades 2020 GDP Growth Forecast to "-4.0 to -1.0 Per Cent" 26 March 2020. "Whether the COVID-19 situation is contained or escalates again will drive the speed of the reopening of the Singapore economic engines, and in turn also potentially determine the external economic environment and headwinds like the US-China trade tensions," said Ms Ling.The domestic labour market is "something to watch", she said, predicting that total and resident unemployment would climb higher by the end of the year. SINGAPORE — Singapore's economy shrank by 12.6 percent year on year in the second quarter, according to advance estimates from the Ministry of …
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