Based on advance estimates, Singapore’s economy grew by 0.5% on a year-on-year basis, down from the 9.3% growth in the previous quarter. On a seasonally-adjusted quarter-on-quarter annualised basis, the economy contracted by 7.8%, compared to the 27.2% expansion in the previous quarter.

The moderation in growth reflected a slowdown across many sectors. The manufacturing sector, for instance, declined by 5.5% in the second quarter on a year-on-year basis