Singapore economic report, which had recorded the worst economic growth rate ever recorded in the second quarter plunging about 13.4% compared to the same period last year and negative 41.2% compared to the previous quarter. However, economy indicator showed a significant improvement in the third quarter.
According to CNBC on 13th, the Ministry
of Trade and Industry (Singapore) reported that the gross domestic product
(GDP) in the third quarter decreased by 7% compared to the same period last
year. Compared to the previous quarter, GDP increased by 7.9%. Still, negative
growth continued in the third quarter following the second quarter, but the
decline was noticeably weakened.
The Ministry of Trade and Industry pointed
out, "Better performance of Singapore's economy in the third quarter seems
to be the result of the step-by-step reopening of the lockdowns that was
partially enforced by the Singaporean government."
In addition, it is interpreted that the 2%
increase in GDP of the manufacturing sector compared to the same period last
year had a big impact on Singapore's economy rebounding in the third quarter.
The manufacturing sector's GDP declined 0.8% in the second quarter.
However, analysts indicated that that it
will be difficult until next year for the Singapore economy to enter a recovery
phase, with the fear of another pandemic cycle might recur throughout Southeast
Asia.
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