The economy of Singapore grew an annual 1.2 percent in the first quarter of 2019, following a 1.3 percent expansion in the previous three-month period and missing market expectations of 1.5 percent, final data showed. It was the slowest growth rate since Q2 2009, dragged by a contraction in manufacturing. GDP Annual Growth Rate in Singapore averaged 6.60 percent from 1976 until 2019, reaching an all time high of 19 percent in the second quarter of 2010 and a record low of -8.80 percent in the first quarter of 2009.

GDP Annual 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 Annual Growth Rate in Singapore to stand at 2.00 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 1.60 percent in 2020, according to our econometric models.

Singapore GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-01-02 12:00 AM GDP Growth Rate YoY Adv 2.2% 2.3% 2.7% 2%
2019-02-15 12:00 AM GDP Growth Rate YoY Final 1.9% 2.4% 2.4% 2.2%
2019-04-12 12:00 AM GDP Growth Rate YoY Adv 1.3% 1.9% 1.5% 1.6%
2019-05-21 12:00 AM GDP Growth Rate YoY Final 1.2% 1.3% 1.5% 1.3%
2019-07-12 12:00 AM GDP Growth Rate YoY Adv 1.2% 1.7%
2019-08-13 12:00 AM GDP Growth Rate YoY Final 1.2% 1.7%
2019-10-12 12:00 AM GDP Growth Rate YoY Adv 2.4%



Singapore Annual GDP Growth Slowest since 2009

The economy of Singapore grew an annual 1.2 percent in the first quarter of 2019, following a 1.3 percent expansion in the previous three-month period and missing market expectations of 1.5 percent, final data showed. It was the weakest growth rate since Q2 2009, when GDP shrank 1.7 percent.

Slower growth was mainly explained by manufacturing activity, which contracted 0.5 percent after expanding 4.6 percent (vs preliminary 5.1 percent) in the previous quarter. It marks the sector's first decline in three years. Output declines in the precision engineering and electronics clusters due to weak global semiconductor and related equipment demand more than offset output expansions in the biomedical manufacturing, transport engineering and general manufacturing clusters.

Also, wholesale and retail trade shrank significantly by 1.8 percent, after a 0.8 percent decrease in the previous quarter. In contrast, the construction sector bounced back 2.9 percent (vs preliminary 1.4 percent) following a 1.2 percent contraction (vs preliminary 1.0 percent) in the previous three months and marked the first positive figure after 10 consecutive quarters of decline, supported by an improvement in both public sector and private sector construction works.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew 3.8 percent in the three months to March 2019, rebounding from a 0.8 percent contraction in the previous period and beating market consensus of 2.3 percent, final data showed. Growth was led by construction, up 14.0 percent from 5.3 percent in the previous three months and by services which rose at a faster 5.5 percent from 0.4 percent in the prior quarter, driven by wholesale and retail trade (5.9 percent vs -5.0 percent in Q4 2018) and information & communication (8.3 percent vs 7.2 percent).

The Ministry of Trade and Industry (MTI) slashed the upper end of its annual growth forecast and announced that it now expects Singapore's economy to grow "1.5% to 2.5%" in 2019 from the previous projection of "1.5% to 3.5%", after "taking into account the performance of the economy in the first quarter, as well as the weaker external demand outlook". In particular, global growth outlook for 2019 remains "clouded by uncertainties and downside risks", including trade tensions between the US and China, subdued growth in China and the delay in Brexit until October 31th 2019.

The base year for the GDP data was changed to 2015 from 2010 to better reflect changes in the economy. As such, GDP growth for 2018 was revised down to 3.1% from 3.2%.


Statistics Singapore | Mario | mario@tradingeconomics.com
5/21/2019 10:58:56 AM



Singapore GDP Last Previous Highest Lowest Unit
GDP Growth Rate 3.80 -0.80 36.10 -13.40 percent [+]
GDP Annual Growth Rate 1.20 1.30 19.00 -8.80 percent [+]
GDP 323.91 309.76 323.91 0.70 USD Billion [+]
GDP Constant Prices 117673.00 116569.50 117673.00 7052.30 SGD Million [+]
Gross National Product 454012.90 431376.50 454012.90 2195.90 SGD Million [+]
Gross Fixed Capital Formation 29532.80 29816.30 31280.40 1971.60 SGD Million [+]
GDP per capita 55235.51 53353.80 55235.51 3389.60 USD [+]
GDP per capita PPP 85535.38 82621.50 85535.38 34344.70 USD [+]
GDP From Construction 4474.90 4330.70 5291.00 543.20 SGD Million [+]
GDP From Manufacturing 23026.00 23453.30 23657.30 1432.90 SGD Million [+]
GDP From Mining 76220.70 75207.50 76220.70 4246.90 SGD Million [+]
GDP From Services 16799.70 16559.50 17145.80 1105.30 SGD Million [+]
GDP From Transport 8083.10 8118.20 8118.20 538.40 SGD Million [+]
GDP From Utilities 1494.70 1469.10 1495.60 140.70 SGD Million [+]


Singapore GDP Annual Growth Rate

In Singapore, services are the biggest sector of the economy and account for 72 percent of GDP. Within services the most important segments are: wholesale and retail trade (18 percent of total GDP); business services (16 percent); finance and insurance (13 percent), transport and storage (10 percent) and information and communications (5 percent). Industry contributes the remaining 28 percent total output. Manufacturing (21 percent) and construction (5 percent) are the most important industry segments. This page provides - Singapore GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.20 1.30 19.00 -8.80 1976 - 2019 percent Quarterly




Country Last Previous
India 6.60 Dec/18
China 6.40 Mar/19
Indonesia 5.07 Mar/19
Saudi Arabia 3.60 Dec/18
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 2.30 Dec/18
South Korea 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
Canada 1.60 Dec/18
Switzerland 1.40 Dec/18
Mexico 1.30 Mar/19
Euro Area 1.20 Mar/19
Singapore 1.20 Mar/19
Brazil 1.10 Dec/18
France 1.10 Mar/19
South Africa 1.10 Dec/18
Japan 0.80 Mar/19
Germany 0.70 Mar/19
Russia 0.50 Mar/19
Italy 0.10 Mar/19
Turkey -3.00 Dec/18
Argentina -6.20 Dec/18


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