Singapore's economy shrank 10.6% in Q1Christian Fernsby ▼ | March 26, 2020
Singapore's economy shrank at a faster-than-expected pace in the first quarter, as all three key industries of manufacturing, construction and services contracted in the period.
Singapore The country's gross domestic product growth contracted 2.2%
On a quarter basis, the economy shrank 10.6% on a seasonally adjusted and annualized basis in the January-to-March period. That compared with 0.6% on-quarter growth in the fourth quarter and the median estimate for a 4.4% contraction in a WSJ survey of seven economists.
Manufacturing output contracted 0.5% in the first quarter from a year earlier, after shrinking 2.3% in the fourth quarter.
Construction sector shrank 4.3% in the first quarter compared with 4.3% growth in the fourth quarter. Services output contracted 3.1% compared with 1.5% expansion in the previous quarter, the data showed.
Taking into account the weaker-than-expected performance of Singapore's economy in the first quarter, and the sharp deterioration in the external and domestic economic environment since February, Singapore's GDP growth forecast for 2020 is now expected to contract between 4.0% to 1.0% from an earlier projection of a contraction of 0.5% to a growth of 1.5%, the ministry said. ■