Singapore GDP Growth Rate

The Gross Domestic Product (GDP) in Singapore expanded at an annualized 0.10 percent in the first quarter of 2014 over the previous quarter. GDP Growth Rate in Singapore is reported by the Statistics Singapore. GDP Growth Rate in Singapore averaged 5.51 Percent from 2007 until 2014, reaching an all time high of 36.40 Percent in the first quarter of 2010 and a record low of -13 Percent in the third quarter of 2010. Since gaining independence in 1963, Singaporean economy has been growing rapidly and as a result the country has now one of the highest GDP per capita in the world. The economy depends heavily on foreign trade; both from port activities and from exports of electronic components and refined oil. The country is a leading foreign direct investment recipient due to its status of one of the freest, most competitive and most business-friendly economies in the world. Singapore is also an important financial center. This page provides - Singapore GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-19

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.10 6.10 36.40 -13.00 0.10 | 2014/03 2007 - 2014 Percent Quarterly

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Singapore GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-11-21 12:00 AM Singapore
GDP Growth Rate QoQ
Q3 2013 (F) 1.3% 17.4% (R) -1.0% 6.87%
2014-01-02 12:00 AM Singapore
GDP Growth Rate QoQ-Adv
Q4 2013 -2.7% 2.2% 3.23%
2014-02-20 12:00 AM Singapore
GDP GROWTH RATE QOQ
Q4 2013 6.1% 0.3% (R) -2.7% 3.23%
2014-04-14 01:00 AM Singapore
GDP Growth Rate QoQ-Adv
Q1 2014 0.1% 6.1% 0.2% 1.06%
2014-05-23 12:00 AM Singapore
GDP Growth Rate QoQ-Final
Q1 2014 6.1% 0.1% 0.1%
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GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate 0.10 2014-03-31 6.10 36.40 -13.00 0.10 2014-03-31 Percent [+]
GDP Annual Growth Rate 5.10 2014-03-31 5.50 19.80 -8.90 5.19 2014-03-31 Percent [+]
GDP per capita 33988.51 2012-12-31 34378.92 34378.92 2296.12 34010.22 2013-12-31 USD [+]
GDP per capita PPP 53266.08 2012-12-31 53877.93 53877.93 15115.98 53293.81 2013-12-31 USD [+]
GDP Constant Prices 82767.50 2013-11-15 81548.30 82767.50 6346.60 84561.92 2014-03-31 SGD Million [+]
Gross Fixed Capital Formation 18940.50 2013-11-15 19975.90 20218.00 1637.70 19427.08 2014-03-31 SGD Million [+]
Gross National Product 341640.90 2012-06-29 331346.70 341640.90 2195.90 342835.80 2012-12-31 SGD Million [+]
GDP 274.70 2012-12-31 245.02 274.70 0.65 301.51 2013-12-31 USD Billion [+]
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Singapore GDP Growth Down to 2-Year Low

Singapore's economy advanced 0.1 percent in the first quarter of 2014 on a quarter-on-quarter seasonally-adjusted annualized basis, slowing sharply from 6.1 percent in the preceding quarter. It is the lowest growth rate since the second quarter of 2012.

On the production side, the services producing industries contracted 1.8 percent, a reversal from the 6.1 percent expansion in the preceding quarter.

The manufacturing sector grew at 4.5 percent, slowing from 10.4 percent in the preceding quarter. In contrast, the construction sector expanded at a faster 10.7 percent, following 1.4 percent growth in the previous quarter. 

Year-on-year, the economy slowed to 5.1 percent, down from a 5.5 percent growth rate recorded in the previous quarter.

Isabel Felino | Isabel.felino@tradingeconomics.com
4/14/2014 10:28:31 AM

RECENT RELEASES

Singapore’s Q4 2013 GDP Revised to Growth From Contraction
In the last quarter of 2013, Singapore’s GDP expanded at an annualized seasonally adjusted 6.1 percent over the previous quarter, a reversal from the 2.7 percent contraction estimated in January, and up from 0.3 percent in the previous three-month period. Published on 2014-02-20

Singapore’s GDP Contracts 2.7% QoQ in Q4
On a quarter-on-quarter seasonally-adjusted annualised basis, Singapore's economy contracted by 2.7 percent in the fourth quarter of 2013, a reversal from the 2.2 percent expansion in the previous quarter, according to advance estimates. Published on 2014-01-02


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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