Singapore’s economy grew 4.4% YoY in the second quarter of 2022, revised downward from a flash figure of 4.8% and following a 3.8% growth in the first quarter. The manufacturing sector expanded by 5.7% YoY, extending the 5.5% growth in the previous quarter, supported mainly by output expansions in the transport engineering, general manufacturing, electronics and precision engineering clusters. Growth in the construction sector also picked up to 3.3% YoY from the 2.4% registered in the previous quarter, on account of an expansion in both public and private sector construction output. The services sector expanded by 4.8% YoY as well, helped mainly by strong growths in food & beverage (28%), real estate (11.7%) and retail trade (11.5%). Meanwhile, the city state has narrowed its GDP growth forecast for 2022 to “3% to 4%,” from “3% to 5%,” citing economic pressures from high inflation, rising interest rates and a weakening external demand outlook. source: Statistics Singapore

GDP Annual Growth Rate in Singapore averaged 6.21 percent from 1976 until 2022, 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 September of 2022.

GDP Annual Growth Rate in Singapore is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 2.40 percent in 2023 and 2.50 percent in 2024, according to our econometric models.

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Singapore GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-07-14 12:00 AM YoY Adv Q2 4.8% 4% 5.2% 5%
2022-08-11 12:00 AM YoY Final Q2 4.4% 3.8% 4.8% 4.8%
2022-10-14 12:00 AM YoY Adv Q3


Related Last Previous Unit Reference
GDP Growth Rate -0.20 0.80 percent Jun 2022
GDP Annual Growth Rate 4.40 3.80 percent Jun 2022
GDP Constant Prices 127484.70 127705.40 SGD Million Jun 2022
Gross National Product 469088.30 411756.60 SGD Million Dec 2021
Gross Fixed Capital Formation 30233.30 30412.90 SGD Million Jun 2022
Full Year GDP Growth 7.61 -4.14 percent Dec 2021
GDP Growth Annualized 0.10 1.40 percent Jun 2022
GDP from Manufacturing 29193.90 29524.80 SGD Million Jun 2022
GDP from Construction 3737.20 3694.60 SGD Million Jun 2022
GDP from Utilities 1546.40 1549.00 SGD Million Jun 2022
GDP from Transport 7202.80 7200.60 SGD Million Jun 2022
GDP from Services 17974.50 17880.10 SGD Million Jun 2022
GDP from Mining 80716.80 79378.30 SGD Million Mar 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
4.40 3.80 18.60 -13.30 1976 - 2022 percent Quarterly
NSA

News Stream
Singapore Q2 GDP Annual Growth Revised Downward
Singapore’s economy grew 4.4% YoY in the second quarter of 2022, revised downward from a flash figure of 4.8% and following a 3.8% growth in the first quarter. The manufacturing sector expanded by 5.7% YoY, extending the 5.5% growth in the previous quarter, supported mainly by output expansions in the transport engineering, general manufacturing, electronics and precision engineering clusters. Growth in the construction sector also picked up to 3.3% YoY from the 2.4% registered in the previous quarter, on account of an expansion in both public and private sector construction output. The services sector expanded by 4.8% YoY as well, helped mainly by strong growths in food & beverage (28%), real estate (11.7%) and retail trade (11.5%). Meanwhile, the city state has narrowed its GDP growth forecast for 2022 to “3% to 4%,” from “3% to 5%,” citing economic pressures from high inflation, rising interest rates and a weakening external demand outlook.
2022-08-11
Singapore Q1 GDP Annual Growth Revised Upward
The Singapore’s GDP grew by 3.7% yoy in Q1 of 2022, compared with the flash figure of a 3.4% rise and after a 6.1% gain in Q4. While matching market consensus, the latest print was the softest since Q1 2021, on surging inflation, soaring commodity prices, and supply chain issues due to the Ukraine war. The manufacturing sector rose 7.1% yoy, slowing from a 15.5% gain in Q4, mainly supported by rises in the electronics, and general manufacturing and precision engineering. Also, there were moderation in construction activity (2.1% vs 2.9%); and services (4.2% vs 5.6%), amid a slowdown in the output of wholesale trade, retail sales, food & beverages, information, finance & insurance, and real estate. The city state has kept the 2022 GDP outlook at 3 to 5%, but is expecting growth to come in “at the lower half” of the range, citing a weak global environment. On a quarterly basis, the economy expanded 0.7%, higher than the 0.4% gain in the initial data but below forecast of a 0.8% rise.
2022-05-25
Singapore GDP Growth Moderates in Q1
Singapore’s economy expanded 3.4% YoY in the first quarter of 2022, slowing from a 6.1% growth in the previous quarter and lower than market expectations for a 3.8% increase, preliminary data showed. The manufacturing sector expanded 6%, slowing from the 15.5% growth in the preceding quarter, supported by output expansions in all clusters except for chemicals. In particular, the electronics and precision engineering clusters continued to record strong output growth, driven by sustained global demand for semiconductors and semiconductor equipment, respectively. The construction sector grew 1.8%, slower than the 2.9% increase in the previous quarter. The services producing industries also indicated slowing activity, including wholesale & retail trade and transportation and storage (3.2% vs 4.2%), information & communications, finance & insurance and professional services (5.3% vs 6.6%) and accommodation & food services, real estate, admin & support and other services (3% vs 1.6%).
2022-04-14