Singapore GDP Annual Growth Rate  1976-2018 | Data | Chart | Calendar

The economy of Singapore grew an annual 3.9 percent in the second quarter of 2018, slightly above the advance estimate of a 3.8 percent growth but less than market consensus of a 4.1 percent rise, final figure showed. It followed an upwardly revised 4.5 percent expansion in Q1, with manufacturing sector expanding more than initially thought. For 2018, the Ministry of Trade and Industry maintained the GDP growth forecast between 2.5 to 3.5 percent, but it highlighted weaker-than expected expansion in some major economies such as the EU and Japan as well as the potential risk from intensifying global trade tensions. On a quarter-on-quarter seasonally-adjusted annualized basis, the GDP advanced 0.6 percent in Q2, lower than the preliminary figure of a 1 percent growth and missing expectations of a 1.3 percent increase. It followed an upwardly revised quarterly figure of 2.2 percent expansion in Q1 and marked the weakest pace of expansion since a contraction in Q1 2017. GDP Annual Growth Rate in Singapore averaged 6.65 percent from 1976 until 2018, 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.

Singapore GDP Annual Growth Rate
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Singapore Q2 GDP Growth Revised Slightly Higher to 3.9%


The economy of Singapore grew an annual 3.9 percent in the June quarter of 2018, slightly above the advance estimate of a 3.8 percent growth but less than market consensus of a 4.1 percent rise. It followed an upwardly revised 4.5 percent expansion in the March quarter, with manufacturing sector expanding more than initially thought.

Within the goods producing industries, manufacturing output increased by 10.2 percent in the second quarter, higher than the preliminary figure of a 8.6 percent rise and following a 10.8 percent gain in the first quarter. Growth was mainly supported by increases in electronics, biomedical manufacturing and transport engineering clusters. Meanwhile, construction output contracted 4.6 percent, compared to the initial estimates of a 4.4 percent decline and a 5.2 percent fall in the previous three months. The decline was mainly driven by falls in  public sector construction works.

The services producing industries increased by 2.8 percent, less than the preliminary data of a 3.4 percent rise and after a 4 percent growth in the March quarter. Within the sector, wholesale & retail trade rose at a softer 1.5 percent (from 2.5 percent in Q1), supported by rises in both the wholesale trade and retail trade segments. Transportation & storage went up 1.3 percent, slower than a 2.7 percent rise in Q1, largely driven by the air transport segment, which expanded on the back of an increase in air passengers handled at Changi Airport. Information & communications expanded 5.2 percent (from 5.4 percent), primarily driven by the IT & information services segment. Finance & insurance grew by 6.7 percent (from 9.2 percent), supported by expansions across all segments. Business services rose 2.1 percent (from 2.6 percent) supported by the professional services and others segments. Other services industries expanded 0.7 percet (from 2.3 percent), supported by the education, health & social services segment. Meantime, accommodation & food industries grew at a faster 4 percent (from 2 percent), mainly boosted by an increase in the accommodation segment.

For 2018, the Ministry of Trade and Industry maintained  the GDP growth forecast between 2.5 to 3.5 percent but it highlighted weaker-than expected expansion in some major economies such as the EU and Japan as well as the potential risk from intensifying global trade tensions.

On a quarter-on-quarter seasonally-adjusted annualized basis, the GDP expanded by 0.6 percent in the second quarter, lower than the preliminary figure of a 1 percent growth and missing expectations of a 1.3 percent increase. It followed an upwardly revised quarterly figure of 2.2 percent expansion in the March quarter and marked the weakest pace of expansion since a contraction in the first quarter 2017.


Statistics Singapore l Rida | rida@tradingeconomics.com
8/13/2018 5:05:01 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-05-24 12:00 AM GDP Growth Rate YoY Final 4.4% 3.6% 4.3% 3.9%
2018-07-13 12:00 AM GDP Growth Rate YoY Adv 3.8% 4.3% 4% 3.7%
2018-08-13 12:00 AM GDP Growth Rate YoY Final 3.9% 4.5% 4.3% 3.9%
2018-10-12 12:00 AM GDP Growth Rate YoY Adv 3.9% 3.6%
2018-11-23 12:00 AM GDP Growth Rate YoY Final 3.9%


Singapore GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.60 2.20 36.60 -13.50 percent [+]
GDP Annual Growth Rate 3.90 4.50 19.00 -8.80 percent [+]
GDP 323.91 309.76 323.91 0.70 USD Billion [+]
GDP Constant Prices 108395.10 108120.00 108395.10 7052.30 SGD Million [+]
Gross National Product 431376.50 405836.50 431376.50 2195.90 SGD Million [+]
Gross Fixed Capital Formation 28187.50 26138.90 28684.50 1874.00 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 4312.90 4507.10 4847.60 508.90 SGD Million [+]
GDP From Manufacturing 21356.60 21085.30 21356.60 1303.30 SGD Million [+]
GDP From Mining 72280.80 72486.50 72486.50 4133.60 SGD Million [+]
GDP From Services 19683.70 19518.70 20107.10 1333.10 SGD Million [+]
GDP From Transport 8151.60 8214.20 8297.20 543.10 SGD Million [+]
GDP From Utilities 1359.50 1344.70 1364.60 130.20 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 2018.

Actual Previous Highest Lowest Dates Unit Frequency
3.90 4.50 19.00 -8.80 1976 - 2018 percent Quarterly




GDP annual growth rate by Country
Country Last
India 8.20 Jun/18
China 6.70 Jun/18
Indonesia 5.27 Jun/18
Turkey 5.20 Jun/18
Singapore 3.90 Jun/18
Australia 3.40 Jun/18
Switzerland 3.40 Jun/18
Netherlands 2.90 Jun/18
United States 2.90 Jun/18
South Korea 2.80 Jun/18
Spain 2.70 Jun/18
Mexico 2.60 Jun/18
Euro Area 2.10 Jun/18
Germany 2.00 Jun/18
Canada 1.90 Jun/18
Russia 1.90 Jun/18
France 1.70 Jun/18
United Kingdom 1.30 Jun/18
Italy 1.20 Jun/18
Saudi Arabia 1.15 Mar/18
Brazil 1.00 Jun/18
Japan 1.00 Jun/18
South Africa 0.40 Jun/18
Argentina -4.20 Jun/18


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