Singapore's 2Q20 GDP growth: Revised lower, but worst is likely over (Selena Ling)

OCBC Treasury Research and Strategy - Podcast

Singapore's 2Q20 GDP growth was revised to -13.2% year-on-year, down from initial flash estimates of -12.6% year-on-year. While manufacturing, construction and the services sectors have taken a big hit, there's a silver lining in the finance and insurance sector which still saw positive growth of 3.4% year-on-year, despite it being half of the 8.3% year-on-year growth in the first quarter of 2020. With escalating US-China tensions, and the long-tail nature of the Covid-19 pandemic, Singapore's GDP growth may continue to contract, albeit by a milder 7.5% and 1.5% year-on-year in the third and fourth quarters of this year respectively.