{"id":117816,"date":"2020-07-15T11:42:49","date_gmt":"2020-07-15T04:42:49","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-q2-gdp-wont-be-as-grim-with-the-inclusion-of-junes-reopening-economists\/"},"modified":"2020-07-15T12:03:34","modified_gmt":"2020-07-15T05:03:34","slug":"singapores-q2-gdp-wont-be-as-grim-with-the-inclusion-of-junes-reopening-economists","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-q2-gdp-wont-be-as-grim-with-the-inclusion-of-junes-reopening-economists\/","title":{"rendered":"Singapore\u2019s Q2 GDP won't be as grim with the inclusion of June's reopening: economists"},"content":{"rendered":"


\n\u201cGiven that Phase 1 began in early June and Phase 2 started sooner than we thought on 19 June, this allowed businesses to reopen and it means that the June indicators, such as retail sales, will not be as bad as April and May\u201d,\u00a0said Jeff Ng, Senior Treasury Strategist at HL Bank.\u00a0
\nEconomists expect Singapore\u2019s gross domestic product (GDP) for the second quarter of 2020 to be less grim once the full data for the quarter is taken into account, reported Channel News Asia (CNA).
\nThis comes as the circuit breaker measures to contain the spread of COVID-19 was only lifted in June.
\n\u201cGiven that Phase 1 began in early June and Phase 2 started sooner than we thought on 19 June, this allowed businesses to reopen and it means that the June indicators, such as retail sales, will not be as bad as April and May,\u201d CNA quoted Jeff Ng, Senior Treasury Strategist at HL Bank, as saying.
\n\u201cThere are some chances that there will be an upward revision in the second quarter GDP number by a few percentage points,\u201d he said.
\nBased on the Ministry of Trade and Industry\u2019s (MTI) advance estimates, Singapore\u2019s GDP fell 41.2% in Q2 from the past three months. On a yearly basis, the economy contracted 12.6%.
\nThe ministry attributed the drop in GDP to the enforcement of circuit breaker measures from 7 April to 1 June and the weak external demand amid a global downturn.
\nNoting that the advance estimates were based on April and May data, when around 75% of enterprises were unable to function properly, Irvin Seah, Senior Economist at DBS, expects the year-on-year GDP to slightly increase by \u201cat least two percentage points\u201d when the June numbers come in.
\nEconomists also believe that the economy may have bottomed out. However, it depends on various conditions like the absence of a second wave of COVID-19 infections that may trigger the imposition of another circuit breaker locally and further slowdown in the global economy.
\n\u201cLooking ahead, the second quarter will mark the trough,\u201d CNA quoted Alex Holmes from research firm Capital Economics as saying.
\nRecommended article:\u00a0Why More Homeowners Are Refinancing Now, Especially Thanks To COVID-19 Property Reliefs
\n\u201cThe high-frequency data that we track show that domestic activity started to rebound once restrictions on work and leisure began to be eased at the start of June.\u201d
\nSelena Ling, Head of Treasury Research and Strategy at OCBC, said the worst may be over, despite confirmation that Singapore has entered a recession.
\nIn fact, she expects to see \u201csome stabilisation\u201d in the third quarter.
\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\u2019s Q2 GDP won’t be as grim with the inclusion of June’s reopening: economists<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cGiven that Phase 1 began in early June and Phase 2 started sooner than we...<\/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-117816","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-uEg","jetpack-related-posts":[{"id":112512,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/economists-give-positive-adjustments-to-singapores-gdp-predictions\/","url_meta":{"origin":117816,"position":0},"title":"Economists give positive adjustments to Singapore\u2019s GDP predictions","date":"November 21, 2019","format":false,"excerpt":"\r This comes as a poll conducted by Reuters showed that the final gross domestic product in Singapore is expected to be higher than the government\u2019s advance estimates. Singapore\u2019s economy in the third quarter of 2019 is projected to have expanded much more than initially expected and will probably stabilise\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110503,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2019-growth-forecast-for-singapores-economy-slashed-to-0-6\/","url_meta":{"origin":117816,"position":1},"title":"2019 growth forecast for Singapore\u2019s economy slashed to 0.6%","date":"September 5, 2019","format":false,"excerpt":"\r The economists expects year-on-year growth to come in at 0.3 percent in the third quarter, citing escalating US-China trade tensions as well as further slowdown in China as top concerns. Private-sector economists expect Singapore\u2019s economy to grow by 0.6 percent this year, way lower from an earlier forecast of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113029,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-growth-forecast-raised-to-0-7-survey\/","url_meta":{"origin":117816,"position":2},"title":"Singapore's growth forecast raised to 0.7%: Survey","date":"December 12, 2019","format":false,"excerpt":"\r This is 0.1% higher compared to the previous survey.\u00a0 Private-sector economists have raised Singapore\u2019s growth forecast to 0.7% this year, 0.1% higher compared to the previous 0.6% growth in the previous survey, according to the latest quarterly survey conducted by the Monetary Authority of Singapore (MAS) on 11 December.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108058,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/economists-lower-growth-forecast-for-singapore-again-mas-survey\/","url_meta":{"origin":117816,"position":3},"title":"Economists lower growth forecast for Singapore again, MAS survey","date":"June 13, 2019","format":false,"excerpt":"\r The pessimistic outlook comes as the economy grew 1.2 percent in the first quarter of 2019, which was significantly lower compared to the 1.9 percent forecast in the March survey. Economists have once again lowered their growth forecast for Singapore to 2.1 percent, down from their earlier forecast of\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":117816,"position":4},"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. Singapore\u2019s gross domestic product (GDP) rose by 3.0 percent quarter-on-quarter on a seasonally-adjusted and annualised basis in Q3 2018, surpassing the previous quarter\u2019s increase of 1.0 percent, reported the Business\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113367,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-posts-slowest-economy-expansion-since-2009\/","url_meta":{"origin":117816,"position":5},"title":"Singapore posts slowest economy expansion since 2009","date":"January 3, 2020","format":false,"excerpt":"\r Singapore economy expanded by 0.7% in 2019, which is significantly lower than the 3.1% growth recorded in 2018.\u00a0 Singapore\u2019s economy experienced the slowest growth in a decade last year, growing by a marginal 0.7%. This pales in comparison to the 3.1% growth recorded in 2018, reported Channel News Asia,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/117816"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=117816"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/117816\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=117816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=117816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=117816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}