Singapore's virus-hit economy suffers worst decline in 2020; GDP contracts by 5.8%

A file photo of container cranes pictured at the Port of Singapore. Singapore's Ministry of Trade and Industry announced on Monday (Jan 4) that based on advance estimates, the country's gross domestic product (GDP) for the whole of 2020 fell by 5.8 per cent year on year, compared to the 0.7 per cent growth in 2019. - Reuters

SINGAPORE, Jan 4 (AFP/Xinhua): Singapore's economy suffered its worst ever annual contraction in 2020 as the coronavirus pandemic hammered the city-state's vital trade and tourism sectors, official data showed Monday.

But the 5.8 per cent decline was not as bad as feared -- official forecasts had predicted a fall of up to 6.5 per cent -- as economic activity picked up with the easing of curbs.