(Bloomberg) -- Singapore’s economy had a bigger contraction in the second quarter than previously estimated, signaling a long recovery ahead for the trade-reliant nation.

Gross domestic product plunged an annualized 42.9% in the second quarter from the previous three months, according to final estimates from the Ministry of Trade and Industry released Tuesday. That was worse than a previous estimate of a 41.2% contraction and compares with a forecast of -43% in a Bloomberg survey of economists.

The economy, which is already in a technical recession, is set to shrink 5% to 7% in 2020, compared with a previous official forecast of a 4% to 7% contraction, the ministry said. On a year-on-year basis, the economy shrank 13.2% in the second quarter, compared with an earlier estimate of -12.6%.

The lockdown has pummeled retail and tourism businesses and crippled construction output, while exports have slumped because of weak global demand. Even though the economy has gradually reopened and the government has pumped in stimulus measures worth more than 19% of GDP, the recovery remains uncertain and companies are bracing for further job cuts.

Singapore’s release follows reports last week that showed uneven economic performance across the region. Indonesia’s economy contracted in the second quarter for the first time in more than two decades, while the Philippines suffered its deepest plunge on record. At the same time, Chinese exports unexpectedly jumped in July amid a rekindling in global demand.

Other Details

• Manufacturing declined an annualized 31.7% in the second quarter from the previous three months
• Services contracted 37.4%; construction plunged 97.1%
• In a separate report, Enterprise Singapore revised its forecast for non-oil domestic exports upwards, projecting growth of 3% to 5% compared with a decline previously

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