By Ronnie Harui
SINGAPORE--Singapore's economy shrank at a record pace in the second quarter, owing to the circuit-breakers imposed during most of the period to contain the Covid-19 pandemic.
The country's gross domestic product contracted 12.6% compared with the same period a year earlier, according to the advance estimate released by the Ministry of Trade and Industry on Tuesday. That compared with a revised 0.3% contraction in the first quarter and was also worse than the median estimate for a 10.5% contraction from a Wall Street Journal survey of 13 economists.
Second-quarter GDP shrank 41.2% compared with the quarter before on a seasonally adjusted and annualized basis, the data showed. In the first quarter it contracted a revised 3.3% and the median estimate from a WSJ poll of 12 economists was for a 40.2% contraction.
Manufacturing output expanded 2.5% from a year earlier, after growing 8.2% in the first quarter.
Construction sector shrank 54.7% compared with 1.1% contraction in the first quarter. Services output contracted 13.6% compared with a 2.4% contraction in the previous quarter, the data showed.
Write to Ronnie Harui at email@example.com