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SINGAPORE – Singapore’s recession was deeper than first thought in the second quarter due to coronavirus lockdown measures, and the government said the trade-reliant economy’s path to recovery remained uncertain due to the pandemic.
Gross domestic product (GDP) fell 13.2 per cent year-on-year in the second quarter, revised government data showed on Tuesday, versus the 12.6 per cent drop seen in advance estimates.
The economy fell 42.9 per cent from the previous three months on an annualised and seasonally adjusted basis, compared with the government’s initial estimate of a 41.2 per cent contraction.
The data matched analyst expectations.
The government said it now expects full-year GDP to contract between 5 per cent and 7 per cent versus its previous forecast for a 4 per cent to 7 per cent decline. The country is still facing the biggest downturn in its history.
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