Singapore’s economy contracted by 12.6% in the second quarter compared to a year ago, according to advance estimates by the Ministry of Trade and Industry released Tuesday.
Analysts polled by Reuters had expected the Southeast Asian economy to shrink by 10.5% year-over-year in the three months ended June 30.
In the first quarter, the Singapore economy registered a 0.7% contraction, according to the ministry.
The economic performance in the second quarter worsened due to the implementation of partial lockdown measures which the Singapore government called a “circuit breaker” aimed at reducing the spread of the coronavirus.
Those measures, which started in early April, involved shutting most workplaces (except those offering essential services) and closing all schools temporarily. The “circuit breaker” lasted nearly the entire second quarter, with the Singapore government easing some measures starting in early June.
The restrictions hurt businesses dependent on domestic consumption. The country’s retail sales plunged 52.1% in May compared to a year ago the steepest drop since records began in 1986, reported Reuters.
Meanwhile, the city state’s trade-oriented sectors have also been weighed down by reduced global activity and a flare up in U.S.-China tensions.
But Alex Holmes, Asia economist at consultancy Capital Economics, said activity in Singapore has rebounded since the easing of partial lockdown measures last month.
“While many industries, notably tourism and hospitality, will continue to suffer, the economy should rebound faster than others in the region,” he wrote in a note last week that previewed Singapore’s second quarter economic performance.
“The key reason for optimism is the record size of the government’s stimulus package, which is equivalent to around 20% of GDP,” he added.
UK employment sees largest quarterly fall in a decade – CNBC
The decrease in employment in the U.K. between April and June was the largest quarterly fall since 2009, according to official data.
Employment in the U.K. has seen its largest quarterly fall in over a decade, according to official data published Tuesday.
The Office for National Statistics said estimates show 32.92 million people were in employment between April and June, 113,000 more than a year before, but 220,000 fewer than the previous quarter.
This decrease in employment, which affected both men and women, was the largest quarterly fall since May to July 2009.
Data for July showed that the number of employees on payro…
Hungry Jack’s closes Ballarat CBD, Wendouree stores after staff member tests positive to COVID-19 – ABC News
Fast food giant Hungry Jack’s closes two stores in the regional Victorian city after a staff member tests positive.
Fast food giant Hungry Jack’s has closed two stores in the regional Victorian city Ballarat and workers have gone into quarantine after a staff member tested positive to COVID-19.
- Staff member at Hungry Jack’s in Ballarat tests positive to COVID-19
- Two stores have closed as a result in Ballarat
- Union says the fast food chain needs to provide more information
In a statement, the retailer said it had temporarily closed its Ballarat CBD and Wendoure…
New A2 Milk CEO must buy before selling – The Australian Financial Review
A2 Milk’s last chief executive took some by surprise when she unexpectedly sold shares. Now they’ve named a replacement, the company is making sure that mistake won’t be repeated.
He will receive a base salary of $1.75 million, including superannuation, and may receive a short-term incentive payment of 120 per cent of his fixed base salary in his first year, though performance objectives have yet to be determined.
On an annual basis, he will be able to take up performance rights under the long-term incentive plan equivalent to 160 per cent of his fixed remuneration. These will vest over three years, with conditions to be determined. Mr Bortolussi will receive an addition…
Health20 hours ago
Nootkatone Now Registered by EPA – Mirage News
Sports17 hours ago
Bills’ Ed Oliver says he feels violated by unwarranted arrest – ESPN
National19 hours ago
Meghan Markle said her and Prince Harry’s royal exit ‘didn’t have to be this way’, new book claims
Business15 hours ago
Apple to release iPhone 12 at lower price, no 5G in 2021, says analyst – Business Insider – Business Insider
National15 hours ago
Nitrogen coordinated import and export of arginine across the yeast vacuolar membrane
Business7 hours ago
COVID-19 restrictions: specialty retailers behind in rent – NEWS.com.au
Entertainment18 hours ago
Welcome to Nashville, Where We’re Just Realizing There’s a Pandemic – Rolling Stone
Business17 hours ago
Dow up 250 points at midday, Nasdaq under pressure as investors extend rotation into cyclical stocks – MarketWatch