SINGAPORE (July 14): Singapore’s gross domestic product (GDP) slumped 12.6% y-o-y in 2Q20, according to advance estimates released by the Ministry of Trade and Industry (MTI) on Tuesday.

The decline was said to be attributable to the circuit breaker measures that were implemented from April 7 to June 1.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 41.2% in 2Q20.

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