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. It is the lowest growth rate since the second quarter 2009 mostly due to slump in manufacturing output. GDP Annual Growth Rate in Singapore averaged 6.52 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.

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 1.90 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 2.60 percent in 2020, according to our econometric models.

Singapore GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-04-12 12:00 AM GDP Growth Rate YoY Adv Q1 1.3% 1.9% 1.5% 1.6%
2019-05-21 12:00 AM GDP Growth Rate YoY Final Q1 1.2% 1.3% 1.5% 1.3%
2019-07-12 12:00 AM GDP Growth Rate YoY Adv Q2 0.1% 1.1% 1.1% 1.9%
2019-08-13 12:00 AM GDP Growth Rate YoY Final Q2 0.1% 1.1% 0.2% 0.1%
2019-10-12 12:00 AM GDP Growth Rate YoY Adv Q3 0.1% 0.8%
2019-11-22 12:00 AM GDP Growth Rate YoY Final Q3 0.8%



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. It was the lowest growth rate since a 2.1 percent contraction reported in the second quarter 2009 as manufacturing output and wholesale & retail trade declined sharply.

The manufacturing sector declined by 3.1 percent year-on-year in the June quarter, much sharper than a 0.3 percent contraction in the previous quarter, as output fell in the electronics, transport engineering and precision engineering clusters. In addition, wholesale & retail trade sector fell 3.2 percent, larger than a 2.5 percent decline in the previous quarter. The wholesale trade contraction was mostly visible in the machinery, equipment & supplies sub-segment while retail trade was dragged down by motor vehicular and non-motor vehicular sales.

In addition, output growth slowed noticeably for the accommodation & food services (0.9 percent vs 2 percent), information & communication (4.1 percent vs 5.2 percent), business services (0.5 percent vs 1.7 percent), and other services industries (2.1 percent vs 2.6 percent). Meanwhile, construction output expanded 2.9 percent, little-changed from a 2.8 percent gain in the first quarter. On the other hand, transportation & storage activity picked up (2.2 percent vs 0.7 percent), supported primarily by the air transport and water transport segments, which expanded on the back of an increase in air passengers handled at Changi Airport and total sea cargo volume handled at Singapore’s ports respectively. Also, finance & insurance sector grew much stronger (5.2 percent vs 3.2 percent), largely due to expansion in the fund management, foreign exchange trading, and others segments.   

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 the first quarter. It was the steepest quarterly contraction since the 4.1 percent fall in the third quarter 2012 as output declined in manufacturing (-3.4 percent vs -5.4 percent), construction (-5.5 percent vs 13.7 percent), wholesale & retail trade (-7.9 percent vs 3.1 percent), business services (-3.9 percent vs 1.3 percent), and other services (-8 percent vs 15.3 percent). In addition, output growth slowed for information & communications (0.5 percent vs 2.8 percent). Conversely, finance & insurance activity grew much faster (7.6 percent vs 4.9 percent), while there was a rebound in both the output of transportation & storage (6.5 percent vs -2.1 percent), and accommodation & food services (2.3 percent vs -5.3 percent).

Meantime, amid escalations in global trade tensions and a struggling manufacturing sector, the Ministry of Trade and Industry (MTI) revised lower 2019 GDP growth forecasts to be in a range of zero to 1 percent from an earlier projection of 1.5 percent to 2.5 percent, with growth expected to come in at around the mid-point of the forecast range. The government also slashed its projection for 2019 non-oil domestic exports (NODX) to be in a range of -9 to -8 percent, down from the range of -2 to 0 percent on the back of trade's continued dismal performance.



Statistics Singapore l Rida Husna | rida@tradingeconomics.com
8/13/2019 11:28:40 AM



Singapore GDP Last Previous Highest Lowest Unit
GDP Growth Rate -3.30 3.80 27.20 -10.90 percent [+]
GDP Annual Growth Rate 0.10 1.10 18.60 -7.70 percent [+]
GDP 364.16 338.41 364.16 0.70 USD Billion [+]
GDP Constant Prices 116676.80 117660.00 117660.00 7558.30 SGD Million [+]
Gross National Product 454012.90 431376.50 454012.90 2195.90 SGD Million [+]
Gross Fixed Capital Formation 30337.30 29602.10 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 4408.80 4471.90 5291.00 543.20 SGD Million [+]
GDP From Manufacturing 22870.10 23070.40 23657.30 1432.90 SGD Million [+]
GDP From Mining 75623.50 76008.70 76008.70 4246.90 SGD Million [+]
GDP From Services 16345.70 16687.60 17145.80 1105.30 SGD Million [+]
GDP From Transport 8203.10 8075.50 8203.10 538.40 SGD Million [+]
GDP From Utilities 1474.40 1497.20 1497.20 140.70 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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.10 1.10 18.60 -7.70 1976 - 2019 percent Quarterly
NSA




Country Last Previous
China 6.20 Jun/19
Indonesia 5.05 Jun/19
India 5.00 Jun/19
United States 2.30 Jun/19
Spain 2.10 Jun/19
Netherlands 2.00 Jun/19
South Korea 2.00 Jun/19
Saudi Arabia 1.70 Mar/19
Canada 1.60 Jun/19
Australia 1.40 Jun/19
France 1.40 Jun/19
Euro Area 1.20 Jun/19
United Kingdom 1.20 Jun/19
Brazil 1.00 Jun/19
Japan 1.00 Jun/19
Russia 0.90 Jun/19
South Africa 0.90 Jun/19
Germany 0.40 Jun/19
Switzerland 0.20 Jun/19
Singapore 0.10 Jun/19
Italy -0.10 Jun/19
Mexico -0.80 Jun/19
Turkey -1.50 Jun/19
Argentina -5.80 Mar/19


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