The Ministry of Trade and Industry of Singapore announced on the 23rdthat the initial estimate of the year-on-year growth rate of Singapore's gross domestic product (GDP) in the third quarter of 2020 is -5.8%, up from -13.3% in the second quarter. On August 11, the Ministry of Trade and Industry released an advance estimate of the year-on-year growth rate of Singapore's GDP in the third quarter based on data from July and August. It was -7%. The initial estimate released this time is the result of the revision of previously released data as more comprehensive data becomes available. The Ministry said in the announcement that the reasons for the improvement in the country’s economic performance in the third quarter include the phased recovery of various activities in Singapore after the termination of the "circuit breaker" lockdown measures in June, and the recovery in activities in the world's leading economies after the lifting of lockdowns during the quarter. On a seasonally adjusted month-on-month basis, Singapore's economy grew 9.2% in the third quarter, after shrinking 13.2% in the second quarter. The advance announced advance estimate was 7.9%. The return to positive quarter-on-quarter growth in the third quarter means Singapore has emerged from a technical recession. Singapore's government said it now expects full-year GDP to contract by 6-6.5 %, compared with previous forecasts of a 5-7% decline. Singapore still faces the biggest economic downturn in its history. The economy is expected to grow by 4-6% next year.