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. 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 1.40 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
width
height
Forecast Data Chart
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.


Calendar GMT Actual Previous Consensus TEForecast
2019-02-15 12:00 AM GDP Growth Rate YoY Final Q4 1.9% 2.4% 2.4% 2.2%
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 1.1% 0.1% 0.1%
2019-10-12 12:00 AM GDP Growth Rate YoY Adv Q3 1.4%
2019-11-22 12:00 AM GDP Growth Rate YoY Final Q3 1.4%



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.

The manufacturing sector contracted 3.8 percent, after shrinking 0.4 percent in the first three months of 2019, as a decline in output of electronics and precision engineering clusters, more than offset output expansions in the rest of the manufacturing clusters. Additionally, construction output growth slowed to 2.2 percent from 2.7 percent in the prior period.

On the other hand, the services sector expanded 1.2 percent, the same pace as in the first quarter, boosted by the finance & insurance and information & communications sectors. 

On a quarterly basis, the gross domestic product shrank 3.4 percent, after growing 3.8 percent in the previous period and missing market expectations of a 0.1 percent expansion. It was the sharpest contraction since the third quarter of 2012, as the services sector (-1.5 percent from 4.4 percent in Q1) and construction output (-7.6 percent from 13.3 percent) shrank. Meantime, the manufacturing sector contracted 6 percent, less than a 6.4 percent decline in the prior period.  On an annual basis, the economy advanced 0.1 percent, the weakest growth rate since the second quarter of 2009, slowing from a downwardly revised 1.1 percent expansion in the first quarter of the year and well below market forecasts of a 1.1 percent rise.


Statistics Singapore | Mario | mario@tradingeconomics.com
7/12/2019 11:27:27 AM



Singapore GDP Last Previous Highest Lowest Unit
GDP Growth Rate -3.40 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 117673.00 116569.50 117673.00 7558.30 SGD Million [+]
Gross National Product 454012.90 431376.50 454012.90 2195.90 SGD Million [+]
Gross Fixed Capital Formation 29532.80 29816.30 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 4474.90 4330.70 5291.00 543.20 SGD Million [+]
GDP From Manufacturing 23026.00 23453.30 23657.30 1432.90 SGD Million [+]
GDP From Mining 76220.70 75207.50 76220.70 4246.90 SGD Million [+]
GDP From Services 16799.70 16559.50 17145.80 1105.30 SGD Million [+]
GDP From Transport 8083.10 8118.20 8118.20 538.40 SGD Million [+]
GDP From Utilities 1494.70 1469.10 1495.60 140.70 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 July 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
India 5.80 Mar/19
Indonesia 5.07 Mar/19
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
Saudi Arabia 1.70 Mar/19
South Korea 1.70 Mar/19
Switzerland 1.70 Mar/19
Canada 1.30 Mar/19
Euro Area 1.20 Mar/19
France 1.20 Mar/19
Mexico 1.20 Mar/19
Japan 0.90 Mar/19
Germany 0.70 Mar/19
Brazil 0.50 Mar/19
Russia 0.50 Mar/19
Singapore 0.10 Jun/19
South Africa 0.00 Mar/19
Italy -0.10 Mar/19
Turkey -2.60 Mar/19
Argentina -5.80 Mar/19


Related

Latest