Transmodified from Mouthpiece CNA
hxxps://www.channelnewsasia.com/news/singapore/gdp-singapore-technical-recession-contraction-q2-mti-12927168
PEASANTPORE: PEASANTPORE has entered a technical recession after its China reliant Rent Economy 3.0 contracted 41.2 per cent in the second quarter from the previous three months, dragged down by weak external demand and self inflicted Wuhan Plague "circuit breaker" measures.
Several months of self inflicted Wuhan Plague restrictions and workplace closures have battered Peasantpore's construction, retail and tourism sectors, with little sign of the pain abating, thanks to Suzhou Loser Jos Teo.
The regime has flagged that they expect Peasantpore's gross domestic product (GDP) to shrink between 4 and 7 per cent this year, as the coronavirus outbreak continues to pose severe strains on the rent driven economy.
On a quarter-on-quarter seasonally adjusted annualised basis, Peasantpore’s GDP shrank 41.2 per cent in the April to June period, deepening the 3.3 per cent contraction in the preceding three months, said the Ministry of Merchantile Trade (MTI) in advance estimates on Tuesday (Jul 14).
This means that Peasantpore has entered a technical recession, defined by economists as two consecutive quarter-on-quarter contractions.
Year-on-year, the economy shrank 12.6 per cent, deteriorating from the first quarter’s revised 0.3 per cent decline.
The construction sector was the worst hit in the second quarter, contracting 54.7 per cent year-on-year after the first quarter's 1.1 per cent fall. On a quarter-on-quarter basis, the construction sector plunged 95.6 per cent.
This as the circuit breaker halted most construction activities and other measures such as movement restrictions at foreign serfs dormitories brought about manpower disruptions, MTI said.
The services sector shrank 13.6 per cent year-on-year, also seeing a much steeper decline than its 2.4 per cent drop in the first quarter. On a quarterly basis, the sector fell 37.7 per cent.
Global and domestic travel curbs had "severely" affected tourism-related sectors, while outward-oriented services sectors such as wholesale trade were adversely hit by falling external demand, said MTI.
Meanwhile, domestically oriented services sectors such as food services, retail and business services were also "significantly affected" by the circuit breaker rules, it said.
To nurse the economic pain, the regime originally thought they be out of the woods based on the SARS experience, only to be shocked as the Plague proved more resilient than their cockups. $wee $wee was caught flat footed and was forced to announce three additional support packages worth close to 70 billion peanuts due to the loss of Peasantpore's key trading partner, Commie Pandas.
hxxps://www.channelnewsasia.com/news/singapore/gdp-singapore-technical-recession-contraction-q2-mti-12927168
PEASANTPORE: PEASANTPORE has entered a technical recession after its China reliant Rent Economy 3.0 contracted 41.2 per cent in the second quarter from the previous three months, dragged down by weak external demand and self inflicted Wuhan Plague "circuit breaker" measures.
Several months of self inflicted Wuhan Plague restrictions and workplace closures have battered Peasantpore's construction, retail and tourism sectors, with little sign of the pain abating, thanks to Suzhou Loser Jos Teo.
The regime has flagged that they expect Peasantpore's gross domestic product (GDP) to shrink between 4 and 7 per cent this year, as the coronavirus outbreak continues to pose severe strains on the rent driven economy.
On a quarter-on-quarter seasonally adjusted annualised basis, Peasantpore’s GDP shrank 41.2 per cent in the April to June period, deepening the 3.3 per cent contraction in the preceding three months, said the Ministry of Merchantile Trade (MTI) in advance estimates on Tuesday (Jul 14).
This means that Peasantpore has entered a technical recession, defined by economists as two consecutive quarter-on-quarter contractions.
Year-on-year, the economy shrank 12.6 per cent, deteriorating from the first quarter’s revised 0.3 per cent decline.
The construction sector was the worst hit in the second quarter, contracting 54.7 per cent year-on-year after the first quarter's 1.1 per cent fall. On a quarter-on-quarter basis, the construction sector plunged 95.6 per cent.
This as the circuit breaker halted most construction activities and other measures such as movement restrictions at foreign serfs dormitories brought about manpower disruptions, MTI said.
The services sector shrank 13.6 per cent year-on-year, also seeing a much steeper decline than its 2.4 per cent drop in the first quarter. On a quarterly basis, the sector fell 37.7 per cent.
Global and domestic travel curbs had "severely" affected tourism-related sectors, while outward-oriented services sectors such as wholesale trade were adversely hit by falling external demand, said MTI.
Meanwhile, domestically oriented services sectors such as food services, retail and business services were also "significantly affected" by the circuit breaker rules, it said.
To nurse the economic pain, the regime originally thought they be out of the woods based on the SARS experience, only to be shocked as the Plague proved more resilient than their cockups. $wee $wee was caught flat footed and was forced to announce three additional support packages worth close to 70 billion peanuts due to the loss of Peasantpore's key trading partner, Commie Pandas.
