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Singapore financial system shrinks over 40% in Quarter 2, confirming recession

Singapore’s financial system contracted 41.2% within the second quarter from the earlier three months, getting into a technical recession, preliminary information confirmed on Tuesday, as lockdown measures in opposition to the Covid-19 outbreak inflicted ache on the trade-reliant financial system.

Economists polled by Reuters had anticipated a 37.4% shrinkage.

On a year-on yr foundation, gross home product (GDP) plunged 12.6%, the Ministry of Trade and Industry stated in a press release. Economists had forecast a 10.5% contraction.

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