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. 2014-04-24

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

TO

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%
[+]

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 33961.57 2014-06-30 USD [+]
GDP per capita PPP 53266.08 2012-12-31 53877.93 53877.93 15115.98 53223.86 2014-06-30 USD [+]
GDP Constant Prices 82767.50 2013-11-15 81548.30 82767.50 6346.60 86884.14 2014-06-30 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 0.65 315.52 2014-06-30 USD Billion [+]
[+]


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.


RELATED NEWS

Singapore Inflation Rate Edges Up in March  
Annual consumer prices rose 1.2 percent in March of 2014, up from a 0.4 percent increase in February, mainly due to a smaller fall in car prices. Contributions from all other major categories, except accommodation, were also slightly higher.
Singaporean Trade Surplus Narrows Sharply in March  
The trade surplus decreased 51.1 percent in March of 2014 over a year earlier and 47.2 percent from February to SGD 2.3 billion. Imports rose at a faster pace than exports, as sales of pharmaceuticals and electronics fell, while shipments of petrochemicals and re-exports contributed to overall increase.
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.
Singapore GDP Growth Slows in Q1  
The Singapore economy grew by 5.1 percent on a year-on-year basis in the first quarter of 2014, lower than the 5.5 percent growth in the previous quarter, according to advance estimates. While manufacturing and construction accelerated, the services sector slowed.
Singapore Inflation Rate Slows to 4-Year Low  
In February of 2014, Singapore’s annual inflation rate slowed sharply to 0.4 percent, the lowest level since January of 2010, due to a sharp drop in car prices which largely reflected a higher base in February last year.
Singapore Trade Surplus Increases in February  
Singapore’s trade surplus widened 8 percent over the previous month and 74.4 percent over a year earlier, boosted by higher exports of petrochemicals and pharmaceuticals.
Singapore Unemployment Rate Confirmed at 1.8% in Q4  
Singapore’s jobless rate was recorded at 1.8 percent in the last three months of 2013, unchanged from the previous quarter and matching preliminary estimates.
Singapore Inflation Rate Decelerates in January  
In January of 2014, Singapore’s annual inflation rate inched down to 1.4 percent from 1.5 percent in December last year, due to a more moderate increase in accommodation cost and a larger decline in private road transport cost. On a monthly basis, prices rose 0.1 percent.
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.
Singapore Economy Grows 5.5% in Q4  
In the fourth quarter of 2013, Singapore GDP expanded 5.5 percent compared to a year ago, faster than the advance estimate of 4.4 percent.
MORE RELATED NEWS

LATEST NEWS

South Korean Economy Expands at a Fastest Pace  
In the first quarter of 2014, South Korea’s GDP accelerated for the fourth straight quarter to an annual 3.9 percent growth rate, driven by exports.
South Korea GDP Growth Beats Expectations in Q1  
South Korean GDP expanded a seasonally adjusted 0.9 percent on quarter in the first three months of 2014, the same rate recorded in the previous quarter and above market expectations.
Reserve Bank of New Zealand Increases Interest Rate to 3.0%  
At its April 23rd, 2014 meeting, the Reserve Bank of New Zealand lifted the benchmark interest rate for the second straight meeting by 25 bps to 3.0 percent, as inflationary pressures were increasing and were expected to continue doing so over the next two years.
US New Home Sales Fall Sharply in March  
Sales of new single-family houses dropped 14.5 percent in March of 2014 to their lowest level in eight months. Sales were recorded at a seasonally adjusted annual rate of 384,000, below the revised February rate of 449,000.
US Markit Manufacturing PMI Steady in April  
At 55.4 in April, the Markit Flash U.S. Manufacturing PMI was down fractionally from 55.5 in March, but still well above the neutral 50.0 value. Sharper rates of output and new business growth boosted the Manufacturing PMI during April, while the main negative influence on the headline index was a rise in the suppliers’ delivery times component.
Bank of Thailand Leaves Interest Rate Unchanged  
At its April 23rd, 2014 meeting, the Monetary Policy Committee left the benchmark interest rate on hold at 2.0 percent. Policymakers expect 2014 growth to be lower than previous assessed due to prolonged political unrest.
South Africa Inflation Rate Back to 6%  
South African annual consumer prices accelerated for the fourth straight month in March of 2014 to a six-month high 6 percent. On a monthly basis, prices advanced 1.3 percent, the fastest pace in five years.
Singapore Inflation Rate Edges Up in March  
Annual consumer prices rose 1.2 percent in March of 2014, up from a 0.4 percent increase in February, mainly due to a smaller fall in car prices. Contributions from all other major categories, except accommodation, were also slightly higher.
Australia Inflation Rate Accelerates Further in Q1  
Australian annual consumer prices advanced 2.9 percent in the first three months of 2014, up from 2.7 percent in the previous quarter, but below market forecasts. The rise was driven by seasonal increases in cost of healthcare, transport and school fees, and by a large hike in tobacco duties.
Mexico Unemployment Rate Up to 4.8% in March  
Mexican unadjusted jobless rate rose to 4.8 percent in March of 2014, up from 4.65 percent in February and 4.51 percent a year earlier. Upon seasonal adjustment, the unemployment rate rose to its highest in more than one year to 5.25 percent.
MORE TOP NEWS

OVERVIEW    |     WORLBANK    |     [+] Calendar    |     [+] Countries    |     [+] Indicators    |     News