According to foreign media reports, Singapore's economy shrank by 7% in the third quarter from 13.3% in the second quarter, the Ministry of Trade and Industry (MTI) reported Thursday, as economic activity restarted after the lifting of the lockdown. On a month-on-month basis, after seasonal adjustments, the economy expanded 7.9% in the third quarter, which was a marked improvement compared with the 13.2% contraction in the second quarter. Statistics show that the output value of Singapore's service sector fell by 8% in the third quarter. The Ministry of Trade and Industry said that the aviation and travel-related industries "continue to show significant contraction" due to global travel restrictions and weak travel demand during the pandemic. A series measures of social distancing still exist and retail sales continue to weaken. Construction output fell by 44.7% in the third quarter, the pace of decline narrowed than that of the second quarter. Manufacturing increased by 2% in the third quarter year-on-year, reversing a 0.8% decline in the second quarter. The financial, insurance, information and communications sectors remained relatively stable in the third quarter. When the Ministry of Trade and Industry released its second-quarter economic report in August, it revised its full-year forecast to 5%-7% from its original forecast of 4%-7% contraction. In addition, the Monetary Authority (MA) issued an announcement on the 14ththat it decided to maintain the appreciation range of the nominal effective exchange rate of the Singapore dollar within the policy range at 0, and also maintain the central axis and width of the policy range of the exchange rate of the Singapore dollar fluctuations unchanged. That means the Singapore dollar is still in a period of no appreciation.