Singapore GDP Annual Growth Rate 1976-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in Singapore expanded 2.40 percent in the second quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Singapore averaged 6.86 Percent from 1976 until 2014, reaching an all time high of 19.80 Percent in the second quarter of 2010 and a record low of -8.90 Percent in the first quarter of 2009. GDP Annual Growth Rate in Singapore is reported by the Statistics Singapore.

   
 
 

Singapore GDP Annual Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
2.40 4.80 19.80 -8.90 1976 - 2014 Percent Quarterly
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. This page provides - Singapore GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Singapore GDP Annual Growth Rate - was last refreshed on Tuesday, September 16, 2014.


Singapore GDP Growth Slows to 2.4% in Q2


Singapore’s economy expanded 2.4 percent year-on-year in the second quarter of 2014 after growing a revised 4.8 percent in the previous three month period due to a broad slowdown across all sectors of the economy.

Although the final figure came above the advance estimate of 2.1 percent, growth forecast for this year is narrowed at 2.5 to 3.5 percent from the earlier range at 2 to 4 percent.

The manufacturing sector grew by 1.5 percent year-on-year in the second quarter, a sharp slowdown from the 9.9 percent expansion in the preceding quarter. The deceleration in growth was largely due to a contraction in electronics goods and slower growth in transport engineering output.

The construction sector expanded at a slower pace of 4.4 percent year-on-year in the second quarter, compared to the 6.4 percent growth in the preceding quarter. The slowdown was driven mainly by a fall in private construction output, reflecting weaker private residential building works and a decline in private commercial and industrial building work.

In the second quarter, the wholesale & retail trade grew by 1.7 percent year-on-year, slower than the 3.8 percent expansion in the preceding quarter. This was largely due to weaker growth in the wholesale trade segment, which came on the back of a moderation in non-oil re-exports growth.

The finance & insurance sector expanded by 5.5 percent year-on-year in the second quarter, largely similar to the 5.7 percent growth recorded in the previous quarter. Growth was supported by the core financial intermediary and insurance segments. The business services sector expanded at a slower pace of 2.3 percent year-on-year compared to 3.3 percent in the first quarter. The slowdown in growth was largely due to significantly weaker growth in the rental and leasing segment.

On a quarter-on-quarter seasonally adjusted annualized basis, the economy expanded 0.1 percent, far below the initial estimated 0.8 percent expansion.

For full year of 2014, due to global uncertainties in the US and China as well as possible escalating conflicts in the oil producing regions, Singapore economy is expected to grow at a modest pace. Externally-oriented sectors such as finance & insurance and wholesale trade are likely to support growth in the second half, in tandem with the modest pick-up in the global economy. Domestically-oriented sectors such as business services and information & communications are also expected to remain resilient in the rest of the year. However, growth in some labor-intensive segments such as retail and food services may be weighed down by labor constraint. Taking this factors into account, growth forecast for this year is narrowed to 2.5 to 3.5 percent from the earlier range at 2 to 4 percent.

Ministry of Trade and Industry l Rida l rida@tradingeconomics.com
8/12/2014 1:20:22 PM


Recent Releases

Singapore GDP Growth Slows in Q2
Advance estimates showed the Singaporean economy rose at the slowest pace in five quarters. The GDP advanced 2.1 percent in the second quarter of 2014, lower than the 4.7 percent growth in the previous three months, as production in all main sectors of the economy slowed. Published on 2014-07-14

Singapore GDP Advances 4.9% YoY in Q1
Singapore’s economy expanded 4.9 percent year-on-year in the first quarter of 2014 after growing a revised 4.9 percent in the previous three months. The final figure comes slightly below the advance estimate of a 5.1 percent expansion. Published on 2014-05-20


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-14 01:00 AM Singapore
GDP Growth Rate YoY-Adv
Q1 2014 5.1% 5.5% 5.1% 5.19%
2014-05-20 01:00 AM Singapore
GDP Growth Rate YoY-Final
Q1 2014 4.9% 4.9% (R) 5.5% 5.1%
2014-07-14 01:00 AM Singapore
GDP Growth Rate YoY Adv
Q2 2014 2.1% 4.7% (R) 3.1% 6.08%
2014-08-12 01:00 AM Singapore
GDP Growth Rate YoY Final
Q2 2014 2.4% 4.8% (R) 2.4% 2.1%
2014-10-14 01:00 AM Singapore
GDP Growth Rate YoY Adv
Q3 2014 2.4% 6.54%


GDP Last Previous Highest Lowest Unit
GDP 297.94 286.91 297.94 0.70 USD Billion [+]
GDP Growth Rate 0.10 1.60 36.40 -13.00 Percent [+]
GDP Annual Growth Rate 2.40 4.80 19.80 -8.90 Percent [+]
GDP Constant Prices 93173.70 93156.80 93173.70 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 22809.80 23254.80 23296.20 1637.70 SGD Million [+]
GDP per capita PPP 53266.08 53877.93 53877.93 15115.98 USD [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 3.10 Jun/14 3.50 9.00 -3.40 Percent [+]
Brazil -0.90 Jun/14 1.90 10.10 -3.15 Percent [+]
Canada 2.45 Jun/14 2.14 8.80 -3.70 Percent [+]
China 7.50 Jun/14 7.40 14.20 3.80 Percent [+]
Euro Area 0.70 Jun/14 1.00 5.00 -5.50 Percent [+]
France 0.30 Jun/14 0.70 4.90 -4.30 Percent [+]
Germany 0.80 Jun/14 2.50 5.20 -6.80 Percent [+]
India 5.70 Jun/14 4.60 11.40 -5.20 Percent [+]
Indonesia 5.12 Jun/14 5.22 7.16 1.56 Percent [+]
Italy -0.20 Jun/14 -0.40 10.30 -6.90 Percent [+]
Japan -0.10 Jun/14 3.00 9.40 -9.40 Percent [+]
Mexico 1.60 Jun/14 1.90 8.50 -8.10 Percent [+]
Netherlands 0.90 Jun/14 0.00 5.80 -4.40 Percent [+]
Russia 0.80 Jun/14 0.90 12.10 -11.20 Percent [+]
South Korea 3.50 Jun/14 3.90 18.20 -7.30 Percent [+]
Spain 1.20 Jun/14 0.50 5.80 -4.40 Percent [+]
Switzerland 0.60 Jun/14 2.10 7.30 -3.70 Percent [+]
Turkey 2.10 Jun/14 4.70 12.60 -14.70 Percent [+]
United Kingdom 3.20 Jun/14 3.00 10.20 -6.80 Percent [+]
United States 2.50 Jun/14 1.90 13.40 -4.10 Percent [+]





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