Singapore GDP shrinks 7% y/y, more than forecasts

[The_King]

SINGAPORE, Oct 14 (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-annualised quarter-on-quarter data from the third quarter, and not previously reported annualised data. (Reporting by Chen Lin; Editing by Sam Holmes)

[ManOfTheHour]

i read as Singapore pgd shrink

[socrates469bc]

i dont believe the numbers.

 

according to iata 2018 report, aviation related industries alone account for abt 12% of gdp.

 

https://www.iata.org/en/iata-repository/publications/economic-reports/singapore--value-of-aviation/

 

if including retail, this figure can easily top 25% of gdp.

 

since aviation-related receipts r almost 0 and retail is severely impacted, no contraction of 10%, then i worry.