This week saw the release of GDP Growth figures from two countries that are amongst the world’s most important transportation hubs – Singapore and Germany. The data released by Statistics Singapore and Statistisches Bundesamt (Destatis) shows the GDP Growth Q3 2020 for Germany and Singapore.

Gross Domestic Product Growth

Gross Domestic Product YoY: Q3 2020
– Germany YoY was -4.0% on the same quarter a year earlier

– Singapore YoY was -5.8%

GDP Singapore Germany

Gross Domestic Product QoQ: Q3 2020

– Germany QoQ was +8.5% on the previous quarter

– Singapore QoQ was +9.2%

GDP Singapore Germany

Both countries has seen a big impact on their GDP growth affected by the coronavirus pandemic but the latest figures suggest that both countries could bounce back.

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.

Germany’s economy is the fifth largest economy in the world and is Europe’s largest with its leading exporter of machinery, vehicles, chemicals, and other equipment with the exports of Germany’s goods and services accounting for nearly half of its GDP.

Source: Gross domestic product: detailed results on the economic performance in the 3rd quarter of 2020, Statistisches Bundesamt, Wiesbaden as publisher and data owner;

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 }]

Monday the 23rd of November: Release of data from the Markit Manufacturing PMI for France, Germany, European Union, United Kingdom and the United States of America.

Markit Manufacturing PMI

Released monthly, in advance by IHS Markit the PMI data known as The Manufacturing Purchasing Managers Index measures the performance of the manufacturing sector and its data is derived from a survey of top industrial companies and based on 5 indexes with a total weight of 100%.

A figure above 50 indicates an expansion of the manufacturing sector while a figure below 50 represents a contraction.

Markit Manufacturing PMI

Source: IHS Markit PMI Releases. (November 23, 2020). 

The European Commission has released its latest Business and EU Consumer Confidence Survey. The November 2020 Flash Consumer Confidence Indicator which states that the estimate of the consumer confidence indicator decreased in both the euro area (2.1 points down) and the EU (2.2 points down) compared to October.

Consumer Confidence Indicator for EU and Euro Area is Down

At −17.6 points (euro area) and −18.7 points (EU), both indicators are well below their long-term averages of −11.2 (euro area) and −10.6 (EU).

Source: European Commission