Singapore’s GDP contraction worst in 40 years

August 11, 2020 12:30

Singapore's GDP contraction worst in 40 years

Singapore has sounded the alarm bell as its economy posts its worst quarterly contraction in more than 40 years. The Southeast Asian economy was expected to contract 41.2% but instead posted a contraction of 42.9%, according to the Ministry of Trade and Industry.

Did you know you can speculate on the price of the Singapore Free 25 Index and the Singapore Dollar using Contracts for Difference (CFDs)? This allows you to potentially profit from both rising and falling markets. Get started with a free demo trading account today!

The fall in the gross domestic product was due to the partial lockdown over the coronavirus pandemic period. During the April to June quarter, most workplaces and schools had temporarily closed.

Singapore has reported more than 55,200 confirmed coronavirus infections and 27 deaths. Of these infections, 94% were from migrant workers living in dormitories. The management of the coronavirus from Singapore authorities has been one of the best in the world.

However, that hasn't stopped the country's economy to also post an economic contraction of 13.2% in the second quarter of the year which was worst than the estimate of a 12.6% contraction.

How to trade the Singapore Free 25 Index with Admiral Markets UK Ltd

If you are feeling bullish or bearish on the price of the Singapore Free 25 Index you can speculate on its price direction using Futures CFDs. To get started, follow these five simple steps:

  1. Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
  2. Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
  3. Type in Singapore 25 at the bottom of the Market Watch search box and then drag the symbol onto the chart.
  4. Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
  5. Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.

Singapore 25 daily chart

Source: Admiral Markets MetaTrader 5 Web, _Singapore25_Q0, Daily - Data range: 29 November 2019 to 11 August 2020. Please note: Past performance is not a reliable indicator of future results. Last five-year performance: 2019 = +8.72%, 2018 = -11.96%, 2017 = +21.36%, 2016 = -1.17%, 2015 = -15.20%, 2014 = +4.49%.

Did you know that you can open a free demo trading account so you can test your trade ideas and theories regarding the price direction of thousands of different CFDs covering stocks, indices, commodities and currencies in a virtual trading environment? Open your free account today by clicking on the banner below:

Trade With A FREE Demo Trading Account

INFORMATION ABOUT ANALYTICAL MATERIALS:

The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:

1.This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

2.Any investment decision is made by each client alone whereas Admiral Markets UK Ltd (Admiral Markets) shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.

3.With view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.

4.The Analysis is prepared by an independent analyst Jitan Solanki, Freelance Contributor (hereinafter "Author") based on personal estimations.

5.Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.

6.Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.

7.Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.

Avatar-Admirals
Admirals
An all-in-one solution for spending, investing, and managing your money

More than a broker, Admirals is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money.