Singapore's economy shrank 7 percent from a year earlier in the third quarter 2020, compared with market consensus of a 6.8 percent fall and a marginally revised 13.3 percent decline in the prior period, an advance estimate showed. The improved performance of the economy came on the back of the phased re-opening of the economy following the Circuit Breaker that was applied between 7 April and 1 June 2020. Construction activity tumbled 44.7 percent (vs -59.9 percent in Q2) as the sector needed to implement safety management measures for a safe restart. Also, the service sector shrank 8 percent (vs -13.6 percent), with transport and accommodation, wholesale trade, and retail and food services remaining weak. Meantime, the manufacturing sector grew by 2 percent, a reversal from the 0.8 percent drop in the prior quarter. On a quarterly basis, the economy expanded 7.9 percent, rebounding from the 13.2 percent contraction in the preceding quarter.

GDP Annual Growth Rate in Singapore averaged 6.24 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 -13.20 percent in the second quarter of 2020. 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 October of 2020. source: Statistics Singapore

GDP Annual Growth Rate in Singapore is expected to be -0.80 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 3.80 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 4.50 percent in 2021 and 2.10 percent in 2022, according to our econometric models.

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Singapore GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-7.00 -13.30 18.60 -13.30 1976 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-05-26 12:00 AM YoY Final Q1 -0.7% 1% -1.5% -2.2%
2020-07-14 12:00 AM YoY Adv Q2 -12.6% -0.3% -10.5% -10.9%
2020-08-11 12:00 AM YoY Final Q2 -13.2% -0.7% -13.2% -12.6%
2020-10-14 12:00 AM YoY Adv Q3 -7% -13.3% -6.8% -6%
2020-11-20 12:00 AM YoY Final Q3 -13.3% -7% -7%


News Stream
Singapore Q3 GDP Contracts Slightly More than Expected
Singapore's economy shrank 7 percent from a year earlier in the third quarter 2020, compared with market consensus of a 6.8 percent fall and a marginally revised 13.3 percent decline in the prior period, an advance estimate showed. The improved performance of the economy came on the back of the phased re-opening of the economy following the Circuit Breaker that was applied between 7 April and 1 June 2020. Construction activity tumbled 44.7 percent (vs -59.9 percent in Q2) as the sector needed to implement safety management measures for a safe restart. Also, the service sector shrank 8 percent (vs -13.6 percent), with transport and accommodation, wholesale trade, and retail and food services remaining weak. Meantime, the manufacturing sector grew by 2 percent, a reversal from the 0.8 percent drop in the prior quarter. On a quarterly basis, the economy expanded 7.9 percent, rebounding from the 13.2 percent contraction in the preceding quarter.
2020-10-14
Singapore GDP Plummets 13.2% YoY in Q2
Singapore's economy shrank 13.2% year-on-year in the second quarter of 2020, after a preliminary 12.6% decline in the prior period and compared to a 0.3% decline in the previous quarter, final data showed. This was the steepest contraction on record as the COVID-19 crisis took a huge toll on the economy. GDP is now expected to contract between 7% and 5% in 2020. Construction was the main drag, plummeting 59.3%, against a 1.2% growth in Q1, explained by a stoppage of most activities due to Circuit Breaker measures aimed to slow the spread of the virus. Manufacturing fell 0.7% (vs 7.9% growth). Also, steep declines were seen in accommodation & food services (-41.4% vs -23.8%); transportation & storage (-39.2% vs -7.7%); wholesale & retail trade (-8.2% vs -5.6%) and business services (-20.2% vs -3.4%). On a quarterly basis, the economy shrank 42.9%, the most on record compared to a 41.2% preliminary decline, after a 4.7% contraction in the March quarter.
2020-08-11
Singapore Q2 GDP Shrinks at Record Pace, Enters Recession
Singapore's economy shrank 12.6% year-on-year in the second quarter of 2020, after a downwardly revised 0.3% decline in the prior period, worse than market consensus of a 10.5% fall, an advance estimate showed. This was the steepest contraction on record as the COVID-19 crisis took a huge toll on the economy. Construction activity slumped (-54.7% vs -1.1% in Q1) due to a stoppage of most activities during the Circuit Breaker measures aimed to slow the spread of the virus. Also, the services sector tumbled (-13.6% vs -2.4%), dragged down by tourism-related industry, food services, retail, and business services. Additionally, manufacturing growth slowed sharply (2.5% vs 8.2%), mainly led by biomedical manufacturing. On a quarterly basis, the economy shrank 41.2%, the most on record, after a downwardly revised 3.3% contraction in the March quarter, as output plunged in construction (-95.6%), services (-37.7%), and manufacturing (-23.1%).
2020-07-14
Singapore GDP Shrinks Less than Expected
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%.
2020-05-26

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.