Singapore GDP's biggest drop in the quarter Corona impact 14:59 14th July
This is Singapore's GDP from April to last month, which is minus 12.6% compared to the same period last year. This is due to the impact of restricting economic activity as a countermeasure against the new coronavirus, and it was the largest decline since 1976 when data could be confirmed quarterly.
According to the Singapore Ministry of Trade and Industry announced on the 14th, the preliminary estimate of the growth rate of GDP in the second quarter from April to last month was minus 12.6% compared to the same period last year.
It was the second consecutive quarter of negative growth, and the negative range exceeded the minus 7.7% of the first quarter of 2009 when the impact of the Lehman shock spread, and it became the largest decline since 1976 when data can be confirmed as a quarter. It was.
This is due to the effects of the government's economic activities and restrictions on going out in order to control the spread of infection, as well as a drop in global demand.
Looking at GDP by industry, the construction industry is minus 54.7%, and the service industry such as tourism and restaurant is minus 13.6%.
The Singapore government has predicted that this year's GDP will fall from -4% to -7% compared to the previous year, which could be the biggest drop since its founding in 1965.