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Singapore’s export-focused economy recorded its third consecutive year-on-year decline in the third quarter, the country’s trade ministry said on Wednesday, with the milder contraction in comparison with the first two quarters possibly pointing to the city state’s recovery from the economic fallout caused by the coronavirus pandemic.
Even so, analysts predicted Singapore would likely only see positive economic growth next year, warning that other countries in the region are still grappling with fresh waves of infections and newly implemented lockdowns.
The economy, often seen as a bellwether for the region, contracted 7.0 per cent year on year in the third quarter, the Ministry of Trade and Industry (MTI) said in its estimates, but grew 7.9 per cent on a quarterly, seasonally adjusted basis.
“The improved performance of the Singapore economy in the third quarter came on the back of the phased reopening of the economy following the Circuit Breaker,” said the ministry, referring to its two-month partial lockdown from April to June.
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