Singapore's economy unexpectedly advanced 0.2% yoy in Q1 2021, beating market consensus of a 0.2% contraction and after a 2.4% decline in Q4, advanced data showed. This was the first expansion in four quarters, as the economy gradually recovered from the COVID-19 disruption. Growth was mainly led by the manufacturing sector (7.5% vs 10.3% in Q4), supported by expansions in the electronics, precision engineering, chemicals, and biomedical clusters. In addition, the construction sector shrank less (-20.2% vs -27.4%), amid a pickup in public and private sector construction. Also, services activity contracted much slower (-1.2% vs -4.7%), on the back of continued falls in both wholesale & retail trade and accommodation & food services, real estate, and other services while information & communications, finance& insurance grew faster. On an annualized quarterly basis, the economy grew by 2% in Q1, the least in three quarters, after a 3.8 percent advance in Q4. source: Statistics Singapore

GDP Annual Growth Rate in Singapore averaged 6.17 percent from 1976 until 2021, reaching an all time high of 18.60 percent in the second quarter of 2010 and a record low of -13.30 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 May of 2021.

GDP Annual Growth Rate in Singapore is expected to be 6.10 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 3.50 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 2.10 percent in 2022, according to our econometric models.

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Singapore GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.20 -2.40 18.60 -13.30 1976 - 2021 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-11-23 12:00 AM YoY Final Q3 -5.8% -13.3% -5.4% -6%
2021-01-04 12:00 AM YoY Adv Q4 -3.8% -5.6% -4.5% -5.5%
2021-02-15 12:00 AM YoY Final Q4 -2.4% -5.4% -3.5% -3.8%
2021-04-14 12:00 AM YoY Adv Q1 0.2% -2.4% -0.2% -1.1%
2021-05-25 12:00 AM YoY Final Q1 -2.4% 0.2%
2021-07-14 12:00 AM YoY Adv Q2
2021-08-11 12:00 AM YoY Final Q2
2021-10-14 12:00 AM YoY Adv Q3


News Stream
Singapore Q1 GDP Unexpectedly Expands
Singapore's economy unexpectedly advanced 0.2% yoy in Q1 2021, beating market consensus of a 0.2% contraction and after a 2.4% decline in Q4, advanced data showed. This was the first expansion in four quarters, as the economy gradually recovered from the COVID-19 disruption. Growth was mainly led by the manufacturing sector (7.5% vs 10.3% in Q4), supported by expansions in the electronics, precision engineering, chemicals, and biomedical clusters. In addition, the construction sector shrank less (-20.2% vs -27.4%), amid a pickup in public and private sector construction. Also, services activity contracted much slower (-1.2% vs -4.7%), on the back of continued falls in both wholesale & retail trade and accommodation & food services, real estate, and other services while information & communications, finance& insurance grew faster. On an annualized quarterly basis, the economy grew by 2% in Q1, the least in three quarters, after a 3.8 percent advance in Q4.
2021-04-14
Singapore Q4 GDP Contracts Less than Initially Anticipated
Singapore's economy shrank 2.4 percent from a year earlier in the last quarter of 2020, compared with a preliminary estimate of a 3.8 percent fall and a revised 5.4 percent decline in the prior period. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 3.8 percent, following the revised 9.0 percent expansion in the third quarter. For the whole of 2020, the Singapore economy contracted 5.4 percent, marking its worst ever recession, compared with the advance estimate of 5.8%.
2021-02-15
Singapore Economy Shrinks Less than Expected in Q4
Singapore's economy shrank 3.8 percent from a year earlier in the last quarter of 2020, compared with market consensus of a 4.5 percent fall and a revised 5.6 percent decline in the prior period, an advance estimate showed. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 2.1 percent, following the 9.5 percent expansion in the third quarter. For the whole of 2020, the Singapore economy contracted by 5.8 percent.
2021-01-04
Singapore Q3 GDP Contracts Less than Initially Anticipated
Singapore's economy shrank 5.8% yoy in Q3 2020, compared with a preliminary estimate of a 7% fall and a revised 13.3% plunge in Q2, while markets had expected a 5.4% drop. The improvement came on the back of the phased resumption of activities after the Circuit Breaker that was implemented from 7 April to 1 June. Construction output fell at a softer rate (-46.6% vs -60% in Q2), amid declines in both public sector and private sector construction works. Also, the service sector shrank less (-8.4% vs -13.4%), with transport, wholesale & retail trade, and food services contracting at slower paces. Meantime, the manufacturing sector grew 10%, a reversal from a 0.8% drop in Q2, due to output growth in the electronics, and biomedical. On a quarterly basis, the economy grew 9.2%, the most on record, after a 13.2% slump in Q2. The government now expects the economy to shrink by 6.5 to 6.0% in 2020, versus the prior estimate of -7 to -5%. The economy is expected to grow 4% to 6% next year.
2020-11-23

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.