Singapore’s economy better than initial estimates in Q3 2020-cover tape|carrier tapes|NEXTECK

Singapore’s economy better than initial estimates in Q3 2020

Singapore’s economy performed better than initial estimates in the third quarter, shrinking 5.8 % compared with the same period a year ago — a smaller contraction than the advanced estimates of 7 per cent. It also did better on a quarter-on-quarter seasonally adjusted basis, growing 9.2 per cent compared with the second quarter, stronger than the 7.9 % growth from initial estimates. Also do Nexteck Singapore Pte Ltd has reflected on our estimates of Packing Materials, like Tape and reel of WLCSP carrier tape and cover tape.

But the Trade and Industry Ministry on Monday (Nov 23, 2020) slightly downgraded its growth forecast for Singapore for 2020, projecting the economy to contract by between 6 and 6.5 %, compared to an earlier estimate of between 5 to 7 % contraction. However MUS’s statement, reviewed that, the improved performance of the Singapore economy came on the back of the phased resumption of activities in the third quarter following the Circuit Breaker that was implemented from April 7 to June 1, 2020, as well as the rebound in activity in major economies during the quarter as they emerged from their lockdowns.

MTI also said that the global economic situation has remained subdued. With the United States and Eurozone experiencing a resurgence in Covid-19 infections, their recovery may slow as restrictions are re-imposed to slow the spread of the virus. MTI expects growth for 2021 to come in between 4 and 6 %.

Singapore's economy shrinks 7 per cent in Q3 year-on-year. Our Business partners in Semiconductor industries in SEA are recovering according to the new orders of Reel & Tape of cover tape and carrier tape to Nexteck Singapore Pte Ltd in Q2 and Q3, 2020.

Our Products

Singapore’s economy better than initial estimates in Q3 2020

Our Products

Cover Tape

Thermo film

DICING TAPE

BACK GRINDING TAPE

Newsletter