Singapore second-quarter recession deeper than initial estimates

SINGAPORE - Singapore’s recession was deeper than first thought in the second quarter due to coronavirus lockdown measures, and the government said the trade-reliant economy’s path to recovery remained uncertain due to the pandemic.

Gross domestic product fell 13.2% year-on-year in the second quarter, revised government data showed on Tuesday, versus the 12.6% drop seen in advance estimates. “There continues to be significant uncertainty over how the COVID-19 situation will evolve in the coming quarters, and correspondingly, the trajectory of the economic recovery in both the global and domestic economies,” Gabriel Lim, permanent secretary for trade and industry, told a briefing.Singapore’s economy has been hit hard by the COVID-19 pandemic and the country was under a lockdown for most of the second quarter to curb the spread of the virus.

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