The Ministry of Trade and Investment Singapore (MTI) released data regarding Singapore GDP Growth Rate, the economic performance in third quarter 2020.

MTI reported that the Singapore economy expanded by 9.2 per cent on a quarter-on-quarter seasonally-adjusted basis in the third quarter, a turnaround from the 13.2 per cent contraction in the second quarter.

The report also stated that on a year-on-year basis, the economy contracted by 5.8 per cent, moderating from the 13.3 per cent contraction recorded in the previous quarter.

Singapore GDP Growth Rate

The Ministry of Trade and Investment Singapore (MTI) said that the improved performance of the Singapore economy came on the back of the phased resumption of activities in the third quarter following the Circuit Breaker that was implemented from 7 April to 1 June 2020, as well as the rebound in activity in major economies during the quarter as they emerged from their lockdowns.

Singapore Economy Projected to Grow

The Ministry of Trade and Industry Singapore said that their economy is projected to grow by “4.0 to 6.0 per cent” in 2021 and that the recovery of the Singapore economy in the year ahead is expected to be gradual, and will depend to a large extent on how the global economy performs and whether Singapore is able to continue to keep the domestic COVID-19 situation under control.

Singapore GDP Growth Rate

Source: [Contains information from {The Ministry of Trade and Industry (MTI) dataset} accessed on {23 November 2020} from {Statistics Singapore} which is made available under the terms of the Singapore Open Data Licence version 1.0 {Singapore Open Data Licence }]*