{"id":117800,"date":"2020-07-14T11:49:16","date_gmt":"2020-07-14T04:49:16","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-enters-recession-after-gdp-contracts-12-6-in-q2\/"},"modified":"2020-07-14T12:04:15","modified_gmt":"2020-07-14T05:04:15","slug":"singapore-enters-recession-after-gdp-contracts-12-6-in-q2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-enters-recession-after-gdp-contracts-12-6-in-q2\/","title":{"rendered":"Singapore enters recession after GDP contracts 12.6% in Q2"},"content":{"rendered":"


\nOn a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank 41.2% in Q2 2020.
\nSingapore has entered into recession after its economy contracted 12.6% on a year-on-year basis in the second quarter of 2020, due to the implementation of the circuit breaker measures from 7 April to 1 June to curb the spread of COVID-19, showed advance estimates from the Ministry of Trade and Industry (MTI) on Tuesday (14 July).
\nOn a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank 41.2% in Q2 2020.
\nThe construction sector was the worst hit, contracting 54.7% on a year-on-year basis in Q2 2020, which is a significant deterioration from the previous quarter\u2019s 1.1% decline. On a quarterly basis, the sector shrank 95.6% in Q2, far worse than Q1\u2019s 12.2% contraction.
\nMTI said construction output weakened due to the circuit breaker measures \u201cwhich led to a stoppage of most construction activities during the period, as well as manpower disruptions arising from additional measures to curb the spread of COVID-19, including movement restrictions at foreign worker dormitories\u201d.
\nRecommended article: What to Expect at Show Galleries During Phase 2 of the Circuit Breaker
\nThe services producing industries contracted 13.6% year-on-year, which is also steeper than the 2.4% drop registered in the previous quarter. On a quarterly basis, the sector shrank 37.7%, continuing the 13.4% decline posted in Q1.
\nAccording to the ministry, the decline comes as tourism-related sectors such as accommodation and the air transport sector were severely hit by domestic and global travel restrictions, while outward-oriented services sectors like water transport and wholesale trade were adversely affected by a drop in external demand.
\nThe circuit breaker measures had also significantly affected domestically-oriented services sectors like food services, retail and business services.
\nMeanwhile, the manufacturing sector emerged as the only one to register growth, up 2.5% year-on-year in Q2, albeit slower than the previous quarter\u2019s 8.2% growth.
\nMTI attributed the growth in the sector to a surge in output within the biomedical manufacturing cluster.
\n\u201cOn the other hand, weak external demand and workplace disruptions during the circuit breaker period weighed on output in the chemicals, transport engineering and general manufacturing clusters,\u201d it said.
\nOn a quarterly basis, the manufacturing sector shrank 23.1%, a sharp reversal from the previous quarter\u2019s 45.5% expansion.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore enters recession after GDP contracts 12.6% in Q2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank 41.2% in Q2 2020. Singapore has...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-117800","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uE0","jetpack-related-posts":[{"id":109000,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-gdp-growth-slows-to-0-1-in-q2-2019\/","url_meta":{"origin":117800,"position":0},"title":"Singapore GDP growth slows to 0.1% in Q2 2019","date":"July 15, 2019","format":false,"excerpt":"\r While the economy grew by 0.1 percent in the second quarter, it\u2019s still lower than the 1.1 percent growth recorded in the previous quarter. Although the manufacturing sector declined by 3.8 percent, both the construction and services-producing sectors an improvement of 2.2 and 1.2 percent respectively.\u00a0\u00a0 The Singapore economy\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111596,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-gdp-grew-0-1-in-q3\/","url_meta":{"origin":117800,"position":1},"title":"Singapore GDP grew 0.1% in Q3","date":"October 15, 2019","format":false,"excerpt":"\r This means Singapore narrowly avoided a technical recession, which is defined as two consecutive quarters of economic decline. 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The Ministry of Trade and Industry (MTI) expects that the Singapore economy to grow by 0.5 to 1.0% this year and by 0.5 to 2.5%\u201d in 2020, according to a report released on Thursday (Nov\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101572,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-q3-economic-growth-disappoints\/","url_meta":{"origin":117800,"position":3},"title":"Singapore Q3 economic growth disappoints","date":"November 23, 2018","format":false,"excerpt":"\r There are concerns that the recent property cooling measures could weigh down on the real estate and construction sectors. 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