Based on an advance estimate, Singapore’s GDP growth continued to improve in the fourth quarter 2020, bringing 2020 growth to –5.8 percent, slightly better than a previous estimate of –6 percent, according to Oxford Economics. While all sectors extended their recovery from the second quarter troughs, annual growth in the manufacturing sector significantly outpaced growth in other sectors.
Heading into 2021, Oxford expects growth to benefit from further reopening of the economy and vaccine deployment. With the virus contained domestically, vaccines are less likely to provide a boost to growth compared with other economies still grappling with the coronavirus outbreak. Nonetheless, external demand should improve as vaccines are rolled out, supporting growth.
The advance fourth quarter GDP estimate corroborates
