First quarter economic growth data for Singapore
Q1 GDP -10.6% q/q (annualised)
- missing on the -8.2% expected
-2.2% y/y
The forecast range for 2020 has been downgraded to -4 to -1%
- from -0.5 to +1.5% previous
- downgrade cites the unprecedented nature of the virus outbreak
You'll see from the 'expected' that a the result is even worse. There isn't much good news to be had from the data, projections ahead have been cut substantially. Q2 is about to kick off (in April), Singapore is a trading nation and while the virus uimpact domestically is lessining the impact on trading partners is likely to worsen for the immediate weeks ahead. Perhaps May and June will bounce back?
