Singapore's economy shrank 0.7% year-on-year in the first quarter of 2020 (vs preliminary -2.2%), reversing the 1% growth in the prior period and compared with market expectations of a 1.5% fall. It was the first contraction since Q2 2009, amid the coronavirus pandemic, led by accommodation & food services (-23.8% vs 2.5% in Q4); transportation & storage (-8.1% vs 0.8%); wholesale & retail trade (-5.8% vs -1.9%); business services (-3.3% vs 1.7%) and construction (-4% vs 4.3%). In contrast, manufacturing output surprisingly expanded by 6.6%, reversing a 2.3% decrease in Q4, due to a surge in the production of active pharmaceutical ingredients and biological products. On a seasonally adjusted quarterly basis, the economy shrank 4.7%, the most since the Q3 2010, less than market expectations of a 7.4% decline and compared with a 0.6% growth in Q4. The coronavirus outbreak prompted authorities to downgrade their full-year GDP forecast range to -7% to -4% from previous -4% to -1%.
GDP Annual Growth Rate in Singapore averaged 6.42 percent from 1976 until 2020, reaching an all time high of 18.60 percent in the second quarter of 2010 and a record low of -7.70 percent in the first quarter of 2009. This page provides - Singapore GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: Statistics Singapore
GDP Annual Growth Rate in Singapore is expected to be -6.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Singapore to stand at 3.50 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 1.50 percent in 2021 and 2.10 percent in 2022, according to our econometric models.