Singapore's GDP Growth Revised to 1.8% QoQ in Q1 2013
5/23/2013 10:20:47 AM
On a quarter-on-quarter seasonally-adjusted annualized basis, the economy grew by 1.8 percent, slower than the 3.3 percent growth in the previous quarter. However, that's a much higher growth rate than previous advanced estimate that showed a 1.4 percent contraction.
On a quarter-on-quarter basis, the manufacturing sector declined by an annualized rate of 12.3 percent, reversing the 3.1 percent gain in the previous quarter. The sequential decline largely reflected a contraction in the output of the biomedical manufacturing and transport engineering clusters, which more than offset the expansion in the electronics cluster.
Wholesale and retail trade sector declined by an annualized rate of 7.8 percent, on the back of weak performance in the wholesale trade segment.
Similarly, the transportation and storage sector declined by 8.4 percent on a quarter-on-quarter seasonally-adjusted annualized basis.
The construction sector grew by an annualized rate of 16.5 percent, reversing the contraction of 3.9 percent in the preceding quarter, mainly due to a strong rebound in private sector building activities.
Finance and insurance activities surged by an annualized rate of 50.6 per cent and the business services sector improved by an annualized rate of 8.5 per cent on a quarter-on-quarter basis.
On a year-on-year basis, the economy expanded by 0.2 percent, compared to 1.5 per cent in the preceding quarter.
Singapore’s GDP Grew 1.1 Per Cent in the Fourth Quarter of 2012
Based on advance estimates,the Singapore economy grew at a modest pace of 1.1 per cent on a year-on-year basis in the fourth quarter of 2012, an improvement from the flat growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 1.8 per cent, an upturn from the contraction of 6.3 per cent in the preceding quarter.
Singapore Economy Expands 3.3 Percent in Q4
The Singapore economy grew by 1.5 per cent on a year-on-year basis in the fourth quarter of 2012, an improvement from the flat growth recorded in the preceding quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 3.3 per cent, a reversal from the 4.6 per cent contraction in the third quarter.
Singapore GDP Expands by 1.5 Percent in Q3
Based on advance estimates, the Singapore economy grew at a modest pace of 1.3 per cent on a year-on-year basis in the third quarter of 2012, compared to 2.3 per cent growth in the previous quarter. On quarter over quarter seasonally-adjusted annualised basis, the economy contracted by 1.5 per cent, compared to the 0.2 per cent expansion in the second quarter.
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.