Singapore economy rebounds by 7.9% in Q3 from previous quarter; year-on-year GDP drop slows to 7%

SINGAPORE – Singapore’s economy rebounded in the third quarter from the doldrums of the circuit breaker period in the earlier three months.

The Republic’s gross domestic product (GDP) rose by 7.9 per cent on a quarter-on-quarter seasonally adjusted basis in the July to September period, according to the Ministry of Trade and Industry’s advanced estimates released on Wednesday (Oct 14).

The rebound comes after the 13.2 per cent quarter-on-quarter plunge in the second quarter that included the April 7 to June 1 period of strict restrictions on mobility and business activity to curb the coronavirus pandemic.

Singapore started a gradual reopening in June, triggering a steady recovery in economic activity.

On an year on year basis, the economy shrank by 7 per cent, less than the second quarter’s 13.3 per cent contraction.

The MTI said it will not report the annualised quarter-on-quarter seasonally-adjusted growth rates, on the basis of which the economy shrank by a record 42.9 per cent in the second quarter.

MTI said; “The improved performance of the Singapore economy in the third quarter came on the back of the phased re-opening of the economy following the circuit breaker.”

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