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Economy

Singapore's GDP shrinks record 5.8% in 2020

Q4 contraction slows to 3.8%, setting stage for rebound in 2021

Spectators watch a light show on New Year's Eve in Singapore. The city-state suffered its worst economic year in 2020.   © Reuters

SINGAPORE -- Singapore's gross domestic product shrank 3.8% in the October-December quarter from a year earlier, according to preliminary data released on Monday, marking the fourth straight quarterly decline amid the COVID-19 pandemic.

This brings the city-state's full-year contraction for 2020 to 5.8%, versus 0.7% growth in 2019. This is the worst result since independence in 1965, below the 2.2% contraction recorded for 1998 during the Asian financial crisis.

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