Singapore economy shrinks by 5.8 pct last year hinh anh 1Illustrative image (Photo: Internet)
Singapore (VNA)Singapore’s gross domestic product (GDP) was estimated at minus 5.8 percent last year, the country’s Ministry of Trade and Industry (MTI) announced on January 4. 

In the fourth quarter, its economy contracted by 3.8 percent annually compared to the minus 5.6 percent in the previous quarter, as a number of COVID-19 prevention and control measures were lifted. 

According to the MTI, recovery in manufacturing, especially in electronics, biomedical production and precision engineering with a 9.5 percent growth, gave a boost to the economy in the fourth quarter. 

Construction was one of the major obstacles to growth with a 2020 expansion of minus 28.5 percent. 

The MTI gave a positive forecast on domestic economic prospect with a growth of 4-6 percent, a record since 2011 when the economy expanded by 6.3 percent./.