Quarantine collapsed the economy of Singapore Korrespondent.net

Карантин обвалил экономику Сингапура — Korrespondent.net

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The Singapore economy for the first time since 2009, entered into a technical recession

The volume of industrial production decreased by 23.1%, construction — by 95,6%, decline in the service sector was 37.7%.

The gross domestic product of Singapore in the second quarter of 2020 fell by 41.2% compared to the previous quarter. This is evidenced by published on Tuesday, 14 July, preliminary data of national statistics.

The volume of industrial production decreased by 23.1%, construction — by 95,6%, decline in the service sector was 37.7%.

The outcome was a record fall. In comparison with the second quarter of 2019 reduction of the Singapore economy amounted to 12.6%, which was also a record, reflecting the negative impact of the epidemic of the coronavirus.

The economy of Singapore thus for the first time since 2009, entered into a technical recession, which is fixed during contraction in quarterly terms or two consecutive quarters. GDP in the first quarter decreased by 0.3% compared with the same period a year earlier.

As earlier reported, the Swiss Institute of management development IMD acknowledged Singapore the best place in the world of business.

korrespondent.net