Singapore GDP Annual Growth Rate 1976-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in Singapore expanded 2.60 percent in the first quarter of 2015 over the same quarter of the previous year. GDP Annual Growth Rate in Singapore averaged 6.79 percent from 1976 until 2015, 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.

      Forecast
Singapore GDP Annual Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
2.60 2.10 19.80 -8.90 1976 - 2015 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 Wednesday, July 8, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-02-17 12:00 AM Q4 2.1% 2.8% 1.7% 1.5%
2015-04-14 01:00 AM Q1 2.1% 2.1% 1.8% 1.9%
2015-05-26 01:00 AM Q1 2.6% 2.1% 2.2% 2.1%
2015-07-14 01:00 AM Q2 2.6% 1.85%
2015-08-12 01:00 AM Q2 2.6%
2015-10-14 01:00 AM Q3 1.75%


Singapore GDP Revised Up to 2.6% in Q1


The Singapore's economy expanded by 2.6 percent on a year-on-year basis in the first quarter of 2015, up from a 2.1 percent growth in the preceding quarter and a preliminary estimate, as an expansion in the wholesale & retail trade and construction sector offset a decline in the manufacturing and a slowdown in the finance & insurance sector.

Year-on-year, the wholesale & retail trade sector grew by 4.1 percent, much faster than a 0.6 percent growth in the last quarter, mainly driven by an expansion of the wholesale trade segment on the back of improvements in non-oil re-exports.
 
The construction sector expanded by 3.31 percent following a  0.7  in the previous quarter, supported by a pick-up in private sector construction activities.
 
The manufacturing sector contracted by 2.7 percent, following a 1.3 percent decline in the previous quarter, mainly due to a fall in output of the transport engineering, electronics and biomedical manufacturin clusters.
 
The finance & insurance grew by 7.9 percent, slowing from a 10.3 percent growth in the preceding quarter. Growth of the sector was largely underpinned by the banking cluster, which experienced resilient loans growth and higher net interest margins.
 
The transportation & storage sector expanded by 1.5 percent, rebounding from a 0.4 percent drop in the previous quarter, mainly due to an increase of the water transport segment, particularly in sea cargo handling.
 
The accommodation & food services contracted by 0.4 percent, reversing from a 1.3 percent growth in the fourth quarter, largely due to an annual 6.1 percent fall in visitor arrivals.
 
The information & communications expanded by  4.6 percent, as compared to a 4.4 percent expansion in the previous quarter, mainly driven by the IT & technology services segement.
 
The business sector advanced by 2.8 percent, as compared to a 2.9 percent growth in the previous quarter, mainly due to the rental & leasing, other professional, scientific & technical services, and other administrative & support services segements.
 
The other services industries grew by 2.0 percent, slowing from a 2.4 percent in the December quarter. Growth of the sector was weighed down by the arts, entertainment & recreation segement.
 
For 2015, the Singapore economy is expected to grow at a modest pace of 2.0 to 4.0 percent.
 
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 3.2 percent, moderating from a 4.9 percent expansion in the preceding quarter quarter. The expansion was mainly driven by: the wholesale & retail trade sector (15.1 percent growth from 0.6 percent in the preceding quarter); the construction sector (12.9 percent growth  from  2.2 percent) and the transportation & storage (+6.7 percent from +0.3 percent). The manufacturing sector marginally grew by 0.2 percent from a 2.5 percent contraction in the preceding quarter. In contrast, a contraction were seen for: the accommodation & food services (-1.2 percent from -7.4 percent); the information & communications (-0.1 percent from +5.1 percent); the finance & insurance (-12.5 percent from + 36.2 percent) and the other services industries (-0.2 percent from +1.5 percent).

Singstat l Rida Husna l rida@tradingeconomics.com
5/26/2015 2:42:18 AM


Recent Releases

Singapore Economy Grows at Steady Pace in Q1
The Singapore's economy expanded by 2.1 percent on a year-on-year basis in the first quarter of 2015, the same pace as in the preceding three month period as an expansion in the construction and the services sector offset a decline in the manufacturing.
Published on 2015-04-14

Singapore Economic Growth At Almost 2-Year Low
The Singapore economy expanded by 2.1 percent on a year-on-year basis in the fourth quarter of 2014, easing from the 2.8 percent rise in the preceding quarter as stronger growth in services was not enough to offset a decline in manufacturing.
Published on 2015-02-17

Singapore Economic Growth Slows in Q4
Singapore GDP expanded by 1.5 percent on a year on year basis in the fourth quarter of 2014, compared to 2.8 percent growth reported in the previous period, according to advance estimates. While expansion in construction and services moderated, manufacturing contracted.
Published on 2015-01-02

Singapore GDP Growth Revised UP
Singapore's GDP advanced 2.8 percent year-on-year in the third quarter of 2014, up from a revised 2.3 percent expansion in the preceding quarter and a preliminary estimate of 2.4 percent. The figure came above expectations, mainly driven by manufacturing.
Published on 2014-11-25


Singapore GDP Last Previous Highest Lowest Unit
GDP 307.87 302.25 307.87 0.70 USD Billion [+]
GDP Growth Rate 3.20 4.90 36.40 -13.00 percent [+]
GDP Annual Growth Rate 2.60 2.10 19.80 -8.90 percent [+]
GDP Constant Prices 97051.10 96289.00 97051.10 7052.10 SGD Million [+]
Gross National Product 378329.70 366618.40 378329.70 2195.90 SGD Million [+]
GDP per capita 38087.89 36897.87 38087.89 2529.86 USD [+]
Gross Fixed Capital Formation 24614.90 24332.20 25202.50 1860.50 SGD Million [+]
GDP per capita PPP 78958.09 76236.79 78958.09 34202.17 USD [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 2.30 Mar/15 2.50 9.00 -3.40 percent [+]
Brazil -1.60 Mar/15 -0.20 10.10 -3.15 percent [+]
Canada 2.06 Mar/15 2.63 8.80 -3.70 percent [+]
China 7.00 Mar/15 7.30 14.20 3.80 percent [+]
Euro Area 1.00 Mar/15 0.90 5.00 -5.60 percent [+]
France 0.82 Mar/15 0.03 12.50 -3.95 percent [+]
Germany 1.10 Mar/15 1.60 5.20 -6.80 percent [+]
India 7.50 Mar/15 6.60 11.40 -5.20 percent [+]
Indonesia 4.71 Mar/15 5.01 7.16 1.56 percent [+]
Italy 0.10 Mar/15 -0.50 10.30 -6.90 percent [+]
Japan -0.90 Mar/15 -1.00 9.40 -9.40 percent [+]
Mexico 2.50 Mar/15 2.60 8.50 -8.10 percent [+]
Netherlands 2.50 Mar/15 1.60 5.80 -4.40 percent [+]
Russia -2.20 Mar/15 0.40 12.10 -11.20 percent [+]
South Korea 2.50 Mar/15 2.70 18.20 -7.30 percent [+]
Spain 2.70 Mar/15 2.00 5.80 -4.40 percent [+]
Switzerland 1.10 Mar/15 1.90 7.30 -3.70 percent [+]
Turkey 2.30 Mar/15 2.60 12.60 -14.70 percent [+]
United Kingdom 2.90 Mar/15 3.40 9.80 -5.80 percent [+]
United States 2.90 Mar/15 2.40 13.40 -4.10 percent [+]