Based on advance estimates for the third quarter of 2020, the Singapore economy expanded by 7.9 percent on a quarter-on-quarter seasonally-adjusted basis, rebounding from the 13.2 percent contraction in the preceding quarter.
Singapore (VNA) - Based on advance estimates for thethird quarter of 2020, the Singapore economy expanded by 7.9 percent on aquarter-on-quarter seasonally-adjusted basis, rebounding from the 13.2 percentcontraction in the preceding quarter.
On a year-on-year basis, the economy contracted by 7 percent, animprovement from the 13.3 percent contraction in the second quarter, accordingto the Singaporean Ministry of Industry and Trade.
The improved performance of the Singapore economy in the thirdquarter came on the back of the phased re-opening of the economy following theCircuit Breaker that was implemented between April 7 and June 1 this year.
The manufacturing sector grew by 2 percent on a year-on-year basisin the third quarter, a reversal from the 0.8 percent contraction in theprevious quarter. Growth of the sector was supported by output expansions inthe electronics and precision engineering clusters, which were in turn drivenby robust global demand for semiconductors and semiconductor manufacturingequipment.
Finance-insurance and information-communications sectors recordedsteady growth during the quarter, the ministry said.
Meanwhile, the service sector contracted by 8 percent on ayear-on-year basis in the third quarter, representing an improvement from the13.6 percent decline in the previous quarter.
Within services, aviation- and tourism-related sectors like airtransport and accommodation continued to see significant contractions, asglobal travel restrictions and sluggish travel demand brought air travel andvisitor arrivals to a near complete standstill.
Othertrade-related services sectors, such as wholesale trade, were also weighed downby weak external demand as major economies around the world continued tograpple with the COVID-19 pandemic.
Earlier, the ministry narrowed Singapore’s GDP growth forecast for2020 to “-7.0 to -5.0 percent”, from “-7.0 to -4.0 percent”.
Singapore’s overall unemployment rate rose to3.4 percent in August, climbing past the high of 3.3 percentrecorded in September 2009 during the global financial crisis./.
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Illustrative image (Photo: AFP) 
