News

Singapore Quarterly GDP Growth Slows in Q1
Singapore’s economy expanded 0.4% on a quarter-on-quarter seasonally-adjusted basis in the first quarter of 2022, slowing from a 2.3% growth in the previous quarter, preliminary data showed. The manufacturing sector contracted 1.2% QoQ, a sharp reversal from the 6.3% growth in the preceding quarter. The construction sector expanded 2.8%, a turnaround from the 2.1% decline in the previous quarter. The services producing industries also indicated slowing activity, including wholesale & retail trade and transportation and storage (1.2% vs 1.3%), information & communications, finance & insurance and professional services (-2% vs 2.5%) and accommodation & food services, real estate, admin & support and other services (2.9% vs 2.6%).
Published on 2022-04-14

Singapore Downgrades 2020 GDP Outlook
Singapore cut its 2020 gross domestic product forecast for the third time on Tuesday, after its economy contracted in the first quarter of 2020. Singapore's economy is now expected to contract by between 4 percent and 7 percent, according to the Ministry of Trade and Industry. Singapore’s gross domestic product shrank 4.7 percent quarter-on-quarter in the three months to March of 2020, the most since the third quarter of 2010, after expanding 0.6 percent in the previous period and compared with a preliminary estimate of a 10.6 percent decline.
Published on 2020-05-26

Singapore Economy Expands 1% in Q4
The Singaporean economy advanced 1% yoy in Q4 2019, compared to the advance estimate of a 0.8% growth and after a 0.7% expansion in Q3. This was the highest growth rate since Q1 2019, led by construction sector (4.3% vs 3.1 in Q3), transportation & storage (0.8% vs flat reading), accommodation & food services (2.5% vs 1.9%), information & communications (4.5% vs 4.4%), finance & insurance (4% vs 4.1%) business services (1.7% vs 1.1%) and other services (3.3% vs 2.4%). In contrast, manufacturing output fell further (-2.3% vs -0.7%). For the whole of 2019, the Singapore economy expanded by 0.7%, slower than the 3.4% growth recorded in 2018. For 2020, the government lowered economic growth forecast to -0.5 to 1.5%, opening up the possibility of a recession this year, on the back of the ongoing coronavirus outbreak. On an annualised quarterly basis, the economy grew 0.6%, after a downwardly revised 2.2% growth.
Published on 2020-02-17

Singapore Economy Contracts the Most since 2012
Singapore’s gross domestic product shrank 3.4 percent quarter-on-quarter in the three months to June 2019, after expanding 3.8 percent in the previous period and missing market expectations of a 0.1 percent expansion, advanced data showed. It was the sharpest contraction since the third quarter of 2012, as the services sector (-1.5 percent from 4.4 percent in Q1) and construction output (-7.6 percent from 13.3 percent) shrank. Meantime, the manufacturing sector contracted 6 percent, less than a 6.4 percent decline in the prior period. On an annual basis, the economy advanced 0.1 percent, the weakest growth rate since the second quarter of 2009, slowing from a downwardly revised 1.1 percent expansion in the first quarter of the year and well below market forecasts of a 1.1 percent rise.
Published on 2019-07-12

Singapore GDP Growth at 3.8% QoQ, Beats Expectations
The economy of Singapore grew 3.8 percent on a quarter-on-quarter seasonally-adjusted annualised basis in the three months to March 2019, rebounding from a 0.8 percent contraction in the previous period and beating market consensus of 2.3 percent, final data showed. Growth was led by construction and services.
Published on 2019-05-21

Singapore GDP Grows 2% QoQ, Beats Expectations
The economy of Singapore grew 2.0 percent on a quarter-on-quarter seasonally-adjusted annualised basis in the three months to March 2019, gaining steam from an unchanged 1.4 percent expansion in the previous period and beating market consensus of 1.2 percent, advanced data showed. Growth was led by construction, up 7.8 percent from 5.1 percent in the previous three months and by services, up 4.8 percent from 2.8 percent. In contrast, manufacturing shrank a sharp 12.0 percent.
Published on 2019-04-12

Singapore Quarterly GDP Growth at 1.4% QoQ
The economy of Singapore grew 1.4 percent on a quarter-on-quarter seasonally-adjusted annualised basis in the three months to December 2018 (vs preliminary 1.6 percent), matching a downwardly revised percent growth in the previous period and missing market consensus of 1.6 percent, final data showed. Output growth eased for services producing industries and construction, while manufacturing shrank 2.7 percent.
Published on 2019-02-15

Singapore GDP Climbs 3.0% QoQ
The economy of Singapore expanded a seasonally-adjusted annualized 3.0 percent quarter-on-quarter in the third quarter of 2018, well above the 1.0 percent final growth for the previous quarter but missing expectations of a 4.2 percent increase and well below the preliminary 4.7 percent print. It was the fastest expansion in four quarters, mainly nudged by a sharp rebound in construction (+5.1 percent vs -14.5 percent in Q2). Meantime, manufacturing expanded 3.0 percent (vs original 7.6 percent and vs 3.3 percent in Q2), whereas services grew 4.6 percent (vs original 6.3 percent and vs 0.3 percent in Q2).
Published on 2018-11-22

Singapore Economy Grows 4.7% QoQ in Q3
The Gross Domestic Product (GDP) in Singapore expanded 4.7 percent quarter-on-quarter in the third quarter of 2018, well above the 1.2 percent final growth for the previous quarter but missed expectations of a 4.9 percent increase, advanced data showed. It was the fastest expansion in four quarters.
Published on 2018-10-12

Singapore Economy Contracts 1.9% QoQ In Q1
The GDP in Singapore contracted an annualised 1.9 percent quarter-on-quarter in the first quarter of 2017, compared to a 12.3 percent expansion in the fourth quarter of 2016 and in line with market expectations, advance estimates showed. It was the strongest contraction since the third quarter of 2012, mainly due to a decrease in manufacturing (-6.6 percent from 39.8 percent in Q4 of 2016), and services (-2.2 percent from 8.4 percent in Q4).
Published on 2017-04-13

Singapore Economy Expands 9.1% QoQ In Q4
Singapore's economy grew a seasonally adjusted annualized 9.1 percent on quarter in the three months to December of 2016, following a downwardly revised 1.9 percent contraction in the previous period and beating market expectations of a 3.7 percent expansion, the preliminary estimate showed. It was the strongest growth rate since the second quarter of 2013, mainly due to a rebound in manufacturing (+14.6 percent from -8.1 percent in Q3) and services (+9.4 percent from -0.4 percent) while construction continued to fall (-4.7 percent from -14.8 percent).
Published on 2017-01-03

Singapore Economy Expands 6.2% in Q4
The GDP in Singapore expanded an annualized 6.2 percent on quarter in the last three months of 2015, higher than a 5.7 percent expansion reported earlier and compared to upwardly revised 2.3 percent growth in the previous quarter. The services sector increased more than anticipated while manufacturing shrank more than expected, final figures showed.
Published on 2016-02-24

Singapore GDP Growth at 2-Year High
Singaporean economy advanced 5.7 percent on a quarter-on-quarter seasonally-adjusted annualized basis in the three months to December of 2015, compared to a downwardly revised 1.7 percent expansion in the preceding quarter and staying well above market expectations of 1.7 percent, according to preliminary estimates. It was the highest growth rate since the fourth quarter of 2013, as the services sector advanced 6.5 percent and construction expanded 7 percent; while the manufacturing sector contracted by 3.1 percent.
Published on 2016-01-04

Singapore GDP Growth Revised Up in Q3
Singaporean economy advanced by 1.9 percent on a quarter-on-quarter seasonally-adjusted annualized basis in the three months to September of 2015, compared to an upwardly revised 2.6 percent contraction in the preceding quarter and staying well above preliminary estimates of 0.1 percent growth. The services sector expanded by 3.5 percent, boosted by sustained growth of transport and storage (+5.9 percent) and wholesale and retail trade (+5.3 percent) sectors while finance and insurance shrank slightly (-0.4 percent). By contrast, the manufacturing sector dropped by 4.6 percent and the construction sector contracted by 1.6 percent.
Published on 2015-11-25

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.
Published on 2014-07-14

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

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

Singaporean Economy Expands 1.3% QoQ in Q3
In the third quarter of 2013, Singapore's GDP advanced 1.3 percent on a quarter-on-quarter annualized basis. Last month's advance estimates showed the economy contracted by 1 percent. The Minsitry of Trade and Industry expects the economy to grow by 3.5 to 4.0 percent in 2013 and by 2.0 to 4.0 percent in 2014.
Published on 2013-11-21

Singapore’s GDP Contracts 1 % QoQ in Q3
Based on advanced estimates, the Singaporean GDP contracted 1.0 percent on a seasonally adjusted and annualized basis in the third quarter of 2013, compared with an upwardly revised 16.9 percent increase in the second quarter, due to a fall in the manufacturing and construction sectors.
Published on 2013-10-14