The economy of Singapore grew an annual 2.2 percent in the fourth quarter of 2018, following an upwardly revised 2.3 percent expansion in the previous three-month period and missing market expectations of 2.7 percent, a preliminary estimate showed. It was the weakest growth rate since the third quarter of 2016 as services expansion slowed and construction output continued to fall. GDP Annual Growth Rate in Singapore averaged 6.63 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.

GDP Annual Growth Rate in Singapore is expected to be 2.00 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 2.50 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 2.40 percent in 2020, according to our econometric models.

Singapore GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
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 2.6% 3.9% 2.5% 2.6%
2018-11-22 12:00 AM GDP Growth Rate YoY Final 2.2% 4.1% 2.4% 2.6%
2019-01-02 12:00 AM GDP Growth Rate YoY Adv 2.2% 2.3% 2.7% 2%
2019-02-25 12:00 AM GDP Growth Rate YoY Final 2.3% 2.2% 2.2%
2019-04-12 12:00 AM GDP Growth Rate YoY Adv 2.9%
2019-05-24 12:00 AM GDP Growth Rate YoY Final 2.9%



Singapore Q4 GDP Growth Weakest in Over 2 Years

The economy of Singapore grew an annual 2.2 percent in the fourth quarter of 2018, following an upwardly revised 2.3 percent expansion in the previous three-month period and missing market expectations of 2.7 percent, a preliminary estimate showed. It was the weakest growth rate since the third quarter of 2016 as services expansion slowed and construction output continued to fall.

Services producing industries increased 1.9 percent in the fourth quarter (vs 2.6 percent in Q3), mainly supported by finance & insurance, business services and information & communications sectors. At the same time, construction output shrank 2.2 percent, following a 2.5 percent contraction in the previous period, primarily due to weakness in public sector construction activities. On the other hand, manufacturing production grew 5.5 percent in the three months to December, faster than the 3.7 percent increase in the previous period, largely driven by robust output expansions in the biomedical manufacturing and electronics clusters, which more than offset the output decline in the precision engineering cluster.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded 1.6 percent, following an upwardly revised 3.5 percent growth in the September quarter and also missing market consensus of 2.9 percent. Output growth eased for both services producing industries (3.7 percent vs 5.3 percent in Q3) and construction (1.1 percent vs 3.3 percent), while manufacturing slumped 8.7 percent, reversing a 3.1 percent growth in the third quarter.

For 2018 as a whole, the economy grew 3.3 percent, compared to a 3.6 percent expansion in 2017.


Statistics Singapore | Rida Husna | rida@tradingeconomics.com
1/2/2019 11:26:37 AM



Singapore GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.60 3.50 36.60 -13.50 percent [+]
GDP Annual Growth Rate 2.20 2.30 19.00 -8.80 percent [+]
GDP 323.91 309.76 323.91 0.70 USD Billion [+]
GDP Constant Prices 109376.30 108573.60 109376.30 7052.30 SGD Million [+]
Gross National Product 431376.50 405836.50 431376.50 2195.90 SGD Million [+]
Gross Fixed Capital Formation 25951.50 28120.70 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 4385.30 4331.60 5145.80 508.90 SGD Million [+]
GDP From Manufacturing 21607.50 21446.60 21607.50 1303.30 SGD Million [+]
GDP From Mining 73110.10 72285.60 73110.10 4133.60 SGD Million [+]
GDP From Services 19863.70 19684.20 20107.10 1333.10 SGD Million [+]
GDP From Transport 8328.10 8150.70 8328.10 543.10 SGD Million [+]
GDP From Utilities 1341.30 1358.40 1364.30 130.20 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 January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2.20 2.30 19.00 -8.80 1976 - 2018 percent Quarterly




Country Last Previous
India 7.10 Sep/18
China 6.50 Sep/18
Indonesia 5.17 Sep/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Mexico 2.50 Sep/18
Saudi Arabia 2.50 Sep/18
Netherlands 2.40 Sep/18
Spain 2.40 Sep/18
Switzerland 2.40 Sep/18
Singapore 2.20 Dec/18
Canada 2.10 Sep/18
South Korea 2.00 Sep/18
Euro Area 1.60 Sep/18
Turkey 1.60 Sep/18
Russia 1.50 Sep/18
United Kingdom 1.50 Sep/18
France 1.40 Sep/18
Brazil 1.30 Sep/18
Germany 1.10 Sep/18
South Africa 1.10 Sep/18
Italy 0.70 Sep/18
Japan 0.00 Sep/18
Argentina -3.50 Sep/18


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