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.

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Singapore GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.80 0.70 18.60 -7.70 1976 - 2019 percent Quarterly
NSA



Calendar GMT Actual Previous Consensus TEForecast
2019-08-13 12:00 AM GDP Growth Rate YoY Final Q2 0.1% 1.1% 0.2% 0.1%
2019-10-14 12:00 AM GDP Growth Rate YoY Adv Q3 0.1% 0.1% 0.2% 0.8%
2019-11-21 12:00 AM GDP Growth Rate YoY Final Q3 0.5% 0.2% 0.5% 0.1%
2020-01-02 12:00 AM GDP Growth Rate YoY Adv Q4 0.8% 0.7% 0.8% 0.8%
2020-02-25 12:00 AM GDP Growth Rate YoY Final Q4 0.7% 0.8%


News Stream
2019-11-21
Singapore GDP Growth Matches Consensus
The economy of Singapore advanced 0.5 percent year-on-year in the third quarter of 2019, well above the upwardly revised 0.2 percent expansion for the previous quarter and matching expectations, a final reading showed. As a result of the favourable reading, the Ministry of Trade and Industry narrowed the 2019 GDP growth forecast to “0.5 to 1.0 percent” from “0.0 to 1.0 percent”.

2019-10-14
Singapore Q3 GDP Growth Below Expectations
The economy of Singapore advanced 0.1 percent year-on-year in the third quarter of 2019, the same pace as in the previous period but missing market consensus of a 0.2 percent expansion, an advance estimate showed. This remained the weakest growth rate since the second quarter of 2019, when the economy shrank 1.2 percent, amid a further contraction in manufacturing output and a slowdown in the services and construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 0.6 percent in the three months to September, after a downwardly revised 2.7 percent contraction in the second quarter and below expectations of a 1.5 percent expansion.

2019-08-13
Singapore Q2 GDP Growth Confirmed at A Decade Low
The economy of Singapore advanced an annual 0.1 percent in the second quarter 2019, unrevised from a preliminary figure and slowing sharply from a 1.1 percent expansion in the previous period, final data showed. This marked the lowest growth rate since the second quarter 2009, mainly weighed down by a slump in manufacturing output. On a quarter-on-quarter seasonally-adjusted annualised basis, the 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 reading showed a 4.1 percent fall. Meantime, amid escalations in global trade tensions and a struggling manufacturing sector, the Ministry of Trade and Industry revised lower 2019 GDP growth forecasts to be in a range of 0 to 1% from an earlier projection of 1.5 to 2.5%, with growth expected to come in at around the mid-point of the forecast range.

2019-07-12
Singapore Q2 GDP Growth Weakest in 10 Years
The economy of Singapore advanced 0.1 percent year-on-year in the second quarter of 2019, slowing from a downwardly revised 1.1 percent expansion in the previous period and well below market forecasts of a 1.1 percent rise, an advance estimate showed. It was the weakest growth rate since the second quarter of 2009, when the economy contracted 1.2 percent, as the manufacturing sector shrank further and construction output eased. On an quarterly basis, the GDP shrank 3.4 percent, the steepest contraction since the third quarter of 2012, after growing 3.8 percent in the prior period and missing market expectations of a 0.1 percent expansion.

2019-05-21
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 slowest growth rate since Q2 2009, dragged by a contraction in manufacturing.

2019-04-12
Singapore Annual GDP Growth Weakest since 2015
The economy of Singapore grew an annual 1.3 percent in the first quarter of 2019, following an unrevised 1.9 percent expansion in the previous three-month period and missing market expectations of 1.5 percent, advanced data showed. It was the slowest growth rate since Q4 2015, dragged by a contraction in manufacturing.


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.

Singapore GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.10 2.40 27.20 -10.90 percent [+]
GDP Annual Growth Rate 0.80 0.70 18.60 -7.70 percent [+]
GDP 364.16 338.41 364.16 0.70 USD Billion [+]
GDP Constant Prices 117422.20 116819.30 117618.40 7558.30 SGD Million [+]
Gross National Product 454012.90 431376.50 454012.90 2195.90 SGD Million [+]
Gross Fixed Capital Formation 29904.90 30277.40 31280.40 1971.60 SGD Million [+]
GDP per capita 58247.90 56740.80 58247.90 3503.40 USD [+]
GDP per capita PPP 90091.40 87760.40 90091.40 34911.70 USD [+]
GDP From Construction 4402.30 4403.70 5291.00 543.20 SGD Million [+]
GDP From Manufacturing 23237.90 22817.40 23657.30 1432.90 SGD Million [+]
GDP From Mining 75797.00 75715.40 75978.00 4246.90 SGD Million [+]
GDP From Services 16226.60 16345.70 17145.80 1105.30 SGD Million [+]
GDP From Transport 8099.20 8203.10 8203.10 538.40 SGD Million [+]
GDP From Utilities 1481.30 1474.40 1497.20 140.70 SGD Million [+]