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.