14 July 2020. Based on advance estimates, the Singapore economy contracted by 12.6 per cent on a year-on-year basis in the second quarter of 2020, due to the Circuit Breaker (CB) measures that were implemented from 7 April to 1 June to slow the spread of COVID-19, which included the suspension of nonessential services and closure of most workplace premises, as well as weak external demand amidst a global economic downturn precipitated by the COVID-19 pandemic. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 41.2 per cent in the second quarter.

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MINISTRY OF TRADE AND INDUSTRY
14 July 2020