SINGAPORE — Singapore’s economy contracted by 7% in the third quarter compared with a year ago, according to official estimates released by the Ministry of Trade and Industry on Wednesday.

That slightly missed the 6.8% year-over-year contraction forecast by a Reuters poll of analysts, and was significantly slower than the 13.3% year-on-year decline in the previous quarter.

On a quarter-on-quarter seasonally adjusted basis, the Singaporean economy jumped by 7.9% in the July-to-September period, the ministry said. That’s a reversal from the 13.2% contraction in the second quarter.

In a separate release, the country’s central bank — the Monetary Authority of Singapore — said it kept its exchange-rate based monetary policy on hold.

Singapore, a major financial center located in Southeast Asia, entered a partial lockdown in early April to blunt the spread of the coronavirus outbreak. Some of the restrictions were eased in early June, allowing most economic activities to resume.

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