Skip to content
Subscriber Only
Markets
Economics

Singapore Slumps Into Recession With Record 41.2% GDP Plunge

  • Construction, services, manufacturing contracted amid lockdown
  • Economists see second quarter as likely bottom of cycle
Video player cover image
Watch: Ho Meng Kit, chief executive officer at Singapore Business Federation, discusses Singapore’s GDP data and the city’s economic recovery.(Source: Bloomberg)
Updated on

Singapore’s economy plunged into recession last quarter as an extended lockdown shuttered businesses and decimated retail spending, a sign of the pain the pandemic is wreaking across export-reliant Asian nations.

Gross domestic product declined an annualized 41.2% from the previous three months, the Ministry of Trade and Industry said in a statement Tuesday, the biggest quarterly contraction on record and worse than the Bloomberg survey median of a 35.9% drop. Compared with a year earlier, GDP fell 12.6% in the second quarter, versus a survey median of -10.5%.