Economist at UOB Group Barnabas Gan assessed the advanced data for Singapore’s GDP. Key Quotes “Based on advance estimates by the Ministry of Trade and Industry, Singapore’s 4Q20 GDP contracted 3.8% y/y, improving from 3Q20’s pace of -5.6% y/y. On a q/q seasonally adjusted basis, the economy expanded 2.1% in 4Q20, extending the +9.5% q/q sa growth in 3Q20.” “Despite seeing a full-year contraction in 2020, the Singapore economy had continued to improve since the trough in 2Q20. We remain encouraged by the continued manufacturing expansions in November 2020, where industrial production rose 17.9% y/y then, and beating market expectations for a +14.1% y/y (+2.7% m/m sa).” “However, the construction and services sectors may continue to contract at least into 1Q21. The uncertainties surrounding COVID-19 and its negative impact on global trade winds will likely continue to stay for the foreseeable future, which in turn may inject headwinds against Singapore’s trade and transport sectors.” “All-in-all, we keep to our call for Singapore to expand by 5.0% in 2021, against MTI’s outlook of between +4.0% and +6.0%. We recognise that the global backdrop will likely be favourable for Singapore’s economy for the year ahead. This includes the signing of the RCEP which Singapore will likely benefit immensely, while US president-elect Joe Biden may take on a more constructive and multilateral approach in trade with other countries.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD: Vaccine optimism and Georgia’s elections to boost sterling FX Street 2 years Economist at UOB Group Barnabas Gan assessed the advanced data for Singapore’s GDP. Key Quotes “Based on advance estimates by the Ministry of Trade and Industry, Singapore’s 4Q20 GDP contracted 3.8% y/y, improving from 3Q20’s pace of -5.6% y/y. On a q/q seasonally adjusted basis, the economy expanded 2.1% in 4Q20, extending the +9.5% q/q sa growth in 3Q20.” “Despite seeing a full-year contraction in 2020, the Singapore economy had continued to improve since the trough in 2Q20. We remain encouraged by the continued manufacturing expansions in November 2020, where industrial production rose 17.9% y/y then, and beating market expectations… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.