Singapore’s Economy Contracts in Q1 2020
Singapore became the first key Asian Economy to publish early GDP data for Q1 2020 and, not surprisingly, the figures are negative. Real GDP contracted by 2.2% y/y in the first three months of the year. This is the first contraction of the economy since 2009.
All three key components, published in the early estimates – manufacturing, construction and services – record declines by 0.5%, 4.3%, 3.1%, respectively.
The q/q annualized data for the ASEAN member’s economy is even more severe. Compared to the previous quarter, annualized, Singapore’s GDP contracted by 10.6%.
In this way of calculating, the manufacturing is the only component, registering growth (4.2% q/q), while construction and services dropped by the significant 22.9% q/q and 15.9% q/q, respectively.
Detailed data on ASEAN can be found in the CEIC ASEAN National Accounts.