26 March 2020. Based on advance estimates, the Singapore economy contracted by 2.2 per cent on a year-on-year basis in the first quarter of 2020, reversing the 1.0 per cent growth in the preceding quarter. On a quarter-on-quarter seasonally adjusted annualised basis, the economy shrank by 10.6 per cent, a sharp pullback from the 0.6 per cent growth in the previous quarter.

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MINISTRY OF TRADE AND INDUSTRY
26 MARCH 2020