(Bloomberg) -- Singapore’s economy in 2020 shrank by the most in the country’s history, with mainstays such as trade and tourism hammered by the coronavirus pandemic.

Gross domestic product for the year contracted 5.8%, better than the 6% contraction expected by economists, according to advance estimates from the Ministry of Trade and Industry released Monday. It was Singapore’s worst showing since independence more than a half-century ago and the first year the economy shrank since 2001.

The brunt of the blow came early in the year, with the economy continuing a halting recovery in the three months through December. Fourth-quarter GDP grew 2.1% on a seasonally adjusted basis compared to the previous three months. That was better than the median estimate of 1.3% in a Bloomberg survey of economists.

A small city-state that relies heavily on trade, Singapore’s growth depends on a global recovery from the pandemic -- but even then, challenges will remain as vaccines are rolled out locally.

Singapore Sees Uneven Recovery in 2021 After Worst-Ever Downturn

“The government has gone all out to support our workers and companies, to prevent massive job losses and business failures,” Prime Minister Lee Hsien Loong said in a New Year’s message on Dec. 31. “We look forward to a rebound in 2021, although the recovery will be uneven, and activity is likely to remain below pre-Covid-19 levels for some time.”

Compared to a year earlier, the economy shrank 3.8% in the three months through December, its fourth straight quarter of contraction. The median estimate in a survey of economists was -4.7%.

In November, the ministry said it expected the economy to contract 6% to 6.5% in 2020, before bouncing back to grow 4% to 6% this year as travel restrictions and local safety measures presumably are eased.

©2021 Bloomberg L.P.