Singapore’s gross domestic product grew a seasonally adjusted 7.9 percent on quarter in the third quarter of 2020, the Ministry of Trade and Industry said in Wednesday’s advance estimate.

That was roughly in line with forecasts following the 13.2 percent contraction in the three months prior.

On a yearly basis, GDP was down 7.0 percent – missing expectations for a decline of 6.8 percent following the downwardly revised 13.3 percent drop in the previous three months (originally -12.6 percent).

The improved performance of the Singapore economy in the third quarter came on the back of the phased re-opening of the economy following the Circuit Breaker that was implemented between 7 April and 1 June 2020, the MTI said.

The material has been provided by InstaForex Company – www.instaforex.com

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