SINGAPORE – Singapore’s economy contracted by 5.8 per cent for the whole of 2020, according to the Ministry of Trade and Industry’s (MTI) advanced estimates released on Monday (Jan 4).

For the fourth quarter of last year, the economy shrank by 3.8 per cent year on year, an improvement from the revised 5.6 per cent drop in the third quarter, as more coronavirus related curbs on economic activity were lifted.

The economy’s fourth quarter performance was also better than the 4.5 per cent year-on-year drop forecast by economists in a Reuters poll.