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The oil price has plummeted since the beginning of 2020 as the coronavirus is negatively affecting demand, while oil producers are entangled in a price war.
Lower global trade, ongoing trade policy uncertainty, less demand from China and the ICT downcycle have an immediate impact on Singapore's export-driven economy.
Construction activity decreased towards the end of 2019 against the backdrop of weaker economic growth and political issues (shifting Brexit deadlines and a snap general election in December).
According to the national association of construction companies (ANCE), in 2019 construction investment increased 1.7% year-on-year, to about EUR 130 billion.
Growth of French GDP is expected to slow down further in 2020, and the outlook for the construction sector is rather subdued across all major segments.