Singapore, November 23, 2020, SPA — Singapore’s economy contracted less than initially estimated in the third quarter due to the gradual easing of COVID-19 lockdown measures and authorities expect the city-state to bounce back to growth next year from its worst recession, Reuters reported.
Gross domestic product (GDP) fell 5.8% year-on-year in the third quarter, the ministry of trade and industry said on Monday, smaller than the 7% drop seen in the government’s advance estimate.
The economy grew 9.2% from the previous three months on a seasonally adjusted basis, compared with the 13.2% contraction in the second quarter. The bounce marked the end of a “technical recession”, as it followed two preceding quarterly contractions.
Source: Saudi Press Agency