Singapore's economy expanded 14.3% yoy in Q2 2021, compared with market consensus of 14.2% and after a final 1.3% in Q1, an advance estimate showed. This was the highest growth rate since Q2 2010, boosted by an acceleration in COVID-19 vaccinations. The manufacturing sector grew faster (18.5% vs 11.3% in Q1), buoyed by output expansions in all clusters except for the biomedical manufacturing cluster. In addition, the construction sector rebounded very strongly (98.8% vs -23.1%), amid a low base effect from last year's coronavirus-induced plunge. Also, services activity rose 9.8% after falling 0.5% in Q1, amid a turnaround in both the retail and transportation, and accommodation & food services, real estate, and a steeper rise in information, finance & insurance. On a quarterly basis, the economy shrank 2.0% in Q2, swinging from a 3.1% growth in Q1. The government expects the GDP to grow between 4 to 6% this year following its worst recession last year. source: Statistics Singapore
GDP Annual Growth Rate in Singapore averaged 6.22 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 July of 2021.
GDP Annual Growth Rate in Singapore is expected to be 5.50 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 2.10 percent in 2022, according to our econometric models.