(Bloomberg) — Singapore’s economy in 2020 shrank by the most in the country’s history, with mainstays such as trade and tourism hammered by the coronavirus pandemic.
Gross domestic product for the year contracted 5.8%, better than the 6% contraction expected by economists, according to advance estimates from the Ministry of Trade and Industry released Monday. It was Singapore’s worst showing since independence more than a half-century ago and the first year the economy shrank since 2001.
The brunt of the blow came early in the year, with the economy continuing a halting recovery in the three months through December. Fourth-quarter GDP grew 2.1% on a seasonally adjusted basis compared to the previous three months. That was better than the median estimate of 1.3% in a Bloomberg survey of economists.
A small city-state that relies heavily on trade, Singapore’s growth depends on a global recovery from the pandemic — but even then, challenges will remain as vaccines are rolled out locally.
Singapore Sees Uneven Recovery in 2021 After Worst-Ever Downturn
“The government has gone all out to support our workers and companies, to prevent massive job losses and business failures,” Prime Minister Lee Hsien Loong said in a New Year’s message on Dec. 31. “We look forward to a rebound in 2021, although the recovery will be uneven, and activity is likely to remain below pre-Covid-19 levels for some time.”
Compared to a year earlier, the economy shrank 3.8% in the three months through December, its fourth straight quarter of contraction. The median estimate in a survey of economists was -4.7%.
In November, the ministry said it expected the economy to contract 6% to 6.5% in 2020, before bouncing back to grow 4% to 6% this year as travel restrictions and local safety measures presumably are eased.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
