Singapore releases first-quarter GDP advance estimates
Maverick Asio l SOPA Photos l LightRocket through Getty Photos
The Ministry of Commerce and Business mentioned in a Thursday assertion that the Singapore economic system is now anticipated to shrink by between 1.0% and 4.0% this 12 months. That is worse than its forecast final month for a change of between -0.5% and 1.5% in annual gross home product.
The ministry mentioned the downgrade in financial forecast took under consideration “the weaker-than-expected efficiency of the Singapore economic system within the first quarter, and the sharp deterioration within the exterior and home financial surroundings since February.”
“The broader forecast vary is to account for heightened uncertainties within the world economic system, given the unprecedented nature of the COVID-19 outbreak, together with the general public well being measures taken in lots of nations to comprise the outbreak,” it mentioned within the assertion.
COVID-19 is the official identify of the coronavirus illness that has contaminated greater than 400,000 individuals throughout 196 nations and territories, in line with World Well being Group information. There have been over 18,000 deaths attributed to the virus globally, WHO information confirmed.
Singapore was one of many earliest nations outdoors China to report instances of the coronavirus illness. The nation has banned the entry of international guests, shut bars and nightclubs, and restrict crowd sizes. Singapore recorded its largest every day leap of 73 confirmed instances on Wednesday, bringing its complete to 631 together with two deaths.
First-quarter GDP contraction
Singapore is one of the earliest to launch information on gross home product within the first quarter, offering a glimpse on how the continuing coronavirus outbreak may have an effect on economies around the globe.
The Southeast Asian economic system contracted by 2.2% year-over-year within the first quarter and 10.6% quarter-over-year, mentioned the Ministry of Commerce and Business.
Economists polled by Reuters had anticipated the Singapore economic system to contract by 1.5% year-over-year and 6.3% quarter-over-quarter.
The GDP studying launched on Thursday are preliminary estimates based mostly on information in January and February and supposed as an early indication of the financial state of affairs within the first quarter, the ministry mentioned. Extra full information on Singapore’s gross home product within the first quarter can be launched in Might, it added.