Singapore GDP Growth Rate

The Gross Domestic Product (GDP) in Singapore contracted an annualized 0.80 percent in the second quarter of 2014 over the previous quarter. GDP Growth Rate in Singapore averaged 5.27 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. GDP Growth Rate in Singapore is reported by the Statistics Singapore.


Singapore GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.80 1.60 36.40 -13.00 2007 - 2014 Percent Quarterly
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.

Singapore GDP Contracts 0.8% in Q2

The Singaporean economy shrank an annualized 0.8 percent quarter-on-quarter in the three months through June, a reversal from the 1.6 percent growth in the preceding quarter. Advance estimates showed the economy posted the first contraction in seven quarters, hurt by a sharp fall in manufacturing.

On a quarter-on-quarter basis, the manufacturing sector shrank at an annualized rate of 19.4 percent, in contrast to the 12.2 percent expansion in the preceding quarter.

In contrast, the construction sector expanded at an annualized rate of 2.6 percent, an improvement from the 0.5 percent contraction recorded in the previous quarter. The services producing industries grew at an annualized rate of 5.2 percent, a reversal from the 1.4 percent contraction in the preceding quarter.  

Year-on-year, the economy advanced 2.1 percent in the second quarter of 2014, slowing from a revised 4.7 percent increase in the previous two months

MTI | Joana Taborda |
7/14/2014 9:14:45 AM

Recent Releases

Singapore GDP Beats Estimates in Q1
Singapore’s economy advanced at an annualized 2.3 percent quarter-on-quarter in the first three months of 2014, slowing from a revised 6.9 percent expansion in the previous period, but up from a preliminary 0.1 percent increase. Published on 2014-05-20

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. Published on 2014-04-14

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-02-20 12:00 AM Singapore
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%
2014-05-20 01:00 AM Singapore
GDP Growth Rate QoQ-Final
Q1 2014 2.3% 6.9% (R) 1.0% 0.1%
2014-07-14 01:00 AM Singapore
GDP Growth Rate QoQ Adv
Q2 2014 -0.8% 1.6% (R) 2.5% 2.2%
2014-08-22 01:00 AM Singapore
GDP Growth Rate QoQ Final
Q2 2014 1.6% -0.8% -0.8%

GDP Last Previous Highest Lowest Unit
GDP 297.94 286.91 297.94 0.70 USD Billion [+]
GDP Growth Rate -0.80 1.60 36.40 -13.00 Percent [+]
GDP Annual Growth Rate 2.10 4.70 19.80 -8.90 Percent [+]
GDP Constant Prices 93283.20 92745.00 93283.20 6346.60 SGD Million [+]
Gross National Product 363827.20 350029.70 363827.20 2195.90 SGD Million [+]
GDP per capita 36897.87 36110.13 36897.87 2529.86 USD [+]
Gross Fixed Capital Formation 23296.20 22951.30 23296.20 1637.70 SGD Million [+]
GDP per capita PPP 53266.08 53877.93 53877.93 15115.98 USD [+]

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