On a quarter-on-quarter seasonally-adjusted annualised basis, the Singaporean economy shrank 3.3 percent, compared to the preliminary figure of a 3.4 percent contraction and reversing from a 3.8 percent growth in Q1. It was the steepest quarterly contraction since Q3 2012 when the GDP was down 4.1 percent. GDP Growth Rate in Singapore averaged 6.60 percent from 1975 until 2019, reaching an all time high of 27.20 percent in the second quarter of 2010 and a record low of -10.90 percent in the third quarter of 2010.
GDP Growth Rate in Singapore is expected to be 1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Singapore to stand at 1.00 in 12 months time. In the long-term, the Singapore GDP Growth Rate is projected to trend around 1.70 percent in 2020, according to our econometric models.