The economy of Singapore expanded 1.1% in 2023, the weakest performance since 2009 when excluding the Covid pandemic year of 2020, compared to 3.8% in 2022. The services producing industries expanded 2.3% (vs 5.1% in 2022), mainly driven by the other services, information & communications and transportation & storage sectors. Also, construction grew 5.2% (vs 4.6%), due to both public and private sector construction work. On the other hand, manufacturing shrank 4.3%, a reversal from the 2.7% growth in 2022, as all clusters recorded output declines, except for the transport engineering cluster. For 2024, the GDP is expected to grow between 1%-3%, as manufacturing and trade-related sectors will likely see a gradual pickup in tandem with the turnaround in global electronics demand. source: Statistics Singapore

Full Year GDP Growth in Singapore averaged 6.94 percent from 1961 until 2023, reaching an all time high of 14.52 percent in 2010 and a record low of -3.90 percent in 2020. This page includes a chart with historical data for Singapore Full Year GDP Growth. Singapore Full Year GDP Growth - values, historical data and charts - was last updated on February of 2024.

Full Year GDP Growth in Singapore is expected to reach 2.50 percent by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore Full Year GDP Growth is projected to trend around 2.40 percent in 2025, according to our econometric models.

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Singapore Full Year GDP Growth

Related Last Previous Unit Reference
GDP Growth Rate 1.20 1.00 percent Dec 2023
GDP Annual Growth Rate 2.20 1.00 percent Dec 2023
GDP 466.79 423.80 USD Billion Dec 2022
Full Year GDP Growth 1.10 3.80 percent Dec 2023

Singapore Full Year GDP Growth
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.
Actual Previous Highest Lowest Dates Unit Frequency
1.10 3.80 14.52 -3.90 1961 - 2023 percent Yearly
Constant 2015 prices, NSA