The economy of Singapore advanced 0.8 percent year-on-year in the fourth quarter of 2019, after an upwardly revised 0.7 percent growth in the previous quarter and matching market expectations, an advance estimate showed. This was the highest growth rate since the March quarter, mainly driven by the services sector and construction output. For the whole of 2019, the Singapore economy grew by 0.7 percent, the slowest pace of expansion in a decade, affected by ongoing trade tension between the US and China as well as a cyclical global downturn in the electronics sector. On a quarter-on-quarter seasonally-adjusted annualized basis, the economy grew by 0.1 percent, compared to an upwardly revised 2.4 percent expansion in the September quarter and missing estimates of a 0.4 percent growth. GDP Annual Growth Rate in Singapore averaged 6.46 percent from 1976 until 2019, 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. source: Statistics Singapore
GDP Annual Growth Rate in Singapore is expected to be 1.00 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 1.00 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 2.10 percent in 2020, according to our econometric models.