International Real Estate: Singapore's gross domestic product in the third quarter of 2020 rose 7.9% year-on-year, according to estimates Advance issued by the Ministry of Commerce and Industry (MTI).
On a year-over-year basis, Singapore's economy contracted by only 7%, up from 13.3% in the previous year. The second quarter was the worst quarter in history.
The ministry did not revise its full-year GDP outlook, which projected an overall decline of 5 to 7 percent.
The construction sector across Singapore rose 38.7 per cent from the previous quarter but was still down 44.7 per cent. External demand, travel restrictions and slow travel requirements contributed to an 8% decline in the service industry. However, it is still an improvement from the 13.6 percent decline in the previous quarter.
The manufacturing sector reversed its 0.8 percent decline in the second quarter of 2020 to 2 percent in the first quarter. The manufacturing sector grew 3.9 percent in the quarter, supported by growth in electronic production and engineering precision. Driven by strong global demand for electronics and manufacturing equipment.
Ravi Menon, chief executive of the Monetary Authority of Singapore, said up to 20 per cent of the city's business-dependent economy faces "scars". "Deep" caused by the Covid-19 epidemic, and it has had a devastating effect on the aviation and tourism industries.
"The full extent of the crisis has yet to be seen, noting that bank loans and bankruptcy are on the rise," Menon said. Is expected and capital will be more difficult to mobilize in this environment.
Menon said in a humorous way that epidemics have made us all more sensitive and alive and aware of how people How vulnerable are the forces of nature?
By: Cnews
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