Singapore economy rebounds by 7.9% in Q3 from previous quarter; year-on-year GDP down 7%

SINGAPORE - Singapore's economy rebounded in the third quarter from the doldrums of the circuit breaker period in the earlier three months.

The Republic's gross domestic product rose by 7.9 per cent on a quarter-on-quarter seasonally adjusted basis in the July to September period, according to the Ministry of Trade and Industry's advanced estimates released on Wednesday . The rebound comes after the 13.2 per cent quarter-on-quarter plunge in the second quarter that included the April 7 to June 1 period of strict restrictions on mobility and business activity to curb the coronavirus pandemic.On an year on year basis, the economy shrank by 7 per cent, less than the second quarter's 13.3 per cent contraction.

The MTI said it will not report the annualised quarter-on-quarter seasonally-adjusted growth rates, on the basis of which the economy shrank by a record 42.9 per cent in the second quarter. MTI said;"The improved performance of the Singapore economy in the third quarter came on the back of the phased re-opening of the economy following the circuit breaker."

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