According to preliminary estimates released by the Ministry of Trade and Industry of Singapore on January 4th local time, after seasonal adjustment, Singapore’s economic growth in the fourth quarter of last year narrowed to 2.1% from 9.5% in the previous quarter.
The economy’s full-year situation decreased from a synchronous contraction of 5.6% in the third quarter of last year to 3.8% in the fourth quarter, and 5.8% contraction in the whole year of 2020.
The pandemic has hit Singapore’s economy hard.
After the lifting of the blockade last June, the economy gradually restarted. In terms of various industries, manufacturing grew 9.5% year-on-year in the fourth quarter, which was less than 10.8% in the third quarter and 7.1% year-round. Construction and service industry have shrunk.
Construction shrank 28.5% year-on-year in the fourth quarter and 33.7% for the whole year; the service industry shrank 6.8% in the fourth quarter and 7.8% for the whole year.