While most sectors remained in the red, some bright spots were already evident. The manufacturing sector was one such industry which grew by 10.3% y-o-y, thereby extending the 11% expansion it had logged in 3Q2020.
Singapore’s economy had ended 2020 with a 5.4% contraction, well within the -5% to -7% range predicted in official estimates.
This follows a 2.4% y-o-y contraction in the fourth and last quarter of the year, an improvement from the 5.8% decline logged in the previous quarter ended in September 2020, the Ministry of Trade and Industry (MTI) revealed on Feb 15.
