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Singapore GDP shrinks 7% in third quarter, more than forecasts

Jay Feldman<span class="bp-verified-badge"></span> by Jay Feldman
October 16, 2020
in Business
Singapore GDP shrinks 7% in third quarter, more than forecasts
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Singapore’s economy contracted slightly more than expected in the third quarter from a year earlier, preliminary data showed on Wednesday.

SINGAPORE (Reuters) – Singapore’s economy contracted slightly more than expected in the third quarter from a year earlier, preliminary data showed on Wednesday.

Gross domestic product (GDP) shrank 7% in July-September on a year-on-year basis, the Ministry of Trade and Industry said in a statement. Economists polled by Reuters had expected a decline of 6.8%.

GDP grew 7.9% on a quarter-on-quarter seasonally adjusted basis in July-September. The trade ministry said it would only be reporting non-annualized quarter-on-quarter data from the third quarter, and not previously reported annualized data.

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Tags: Business
Jay Feldman<span class="bp-verified-badge"></span>

Jay Feldman

I am an Osteopathic doctor with a love for business, traveling, and animals. I hope to give back to the community through empowering individuals to help others through media and business. I love learning new things and sharing them with the world. I hope you enjoy my page.

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