Compared to the previous quarter, Singapore’s economy expanded by 7.9%, on a seasonally-adjusted basis.
Singapore’s Gross Domestic Product (GDP) slumped 7% year-on-year in 3Q2020 ended September, according to advance estimates penciled by the Ministry of Trade and Industry (MTI) on Oct 14.
This is a significant improvement from the historic 13.3% plunge logged in 2Q2020 ended June, and is a result of the phased re-opening of Singapore’s economy after the two-month long lockdown in April and May that prohibited the operations of non-essential services.
