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The Ministry of Trade and Industry of Singapore reported the strongest fall in GDP since the third quarter of 2012. In the second quarter, Singapore’s economy contracted by 3.4% compared with the first three months of this year. In the previous quarter, an increase of 3.8% was observed. Economic growth over the past 12 months was the slowest over the past 10 years – this figure rose only 0.1% after rising 1.1% a quarter earlier. Both figures were much worse than market forecasts. Their fall was caused, first of all, by a fall in industrial output; loss for the quarter amounted to 0.4%, and for the year, production decreased by 3.8%. The ministry lowered the forecast for the growth of the Singapore economy for the current year to 1.5-2.5% from the previously expected 1.5-3.5%.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
KYC Policy