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 aquarte🎶r-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 for⛎ecast 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./.
Promoting exports to Singapore, which has open trade mechanisms and high-quality services, is viewed as a shortcut for Vietnamese small and medium-sized enterprises (SMEs) to send their products out to the world, according to industry insiders.
Singapore's Deputy Prime Minister Heng Swee Keat announced the country's Safer Cyberspace Masterplan 2020 at the opening ceremony of the virtual Singapore International Cyber Week on October 6.
A report released by the Singapore Ministry of Manpower (MOM) on October 7 showed that the resident unemployment rate in the country rose by 0.4 percentage point in August to 4.5 percent, the highest level in more than a decade.
Singapore and Indonesia have agreed to reopen borders between the two countries for essential business and official travel after months of closure to curb the spread of COVID-19.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Photo: AFP) 
