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.
GDP Growth Rate in Singapore averaged 6.48 percent from 1975 until 2020, reaching an all time high of 27.20 percent in the second quarter of 2010 and a record low of -10.90 percent in the third quarter of 2010. This page provides - Singapore GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Statistics Singapore
GDP Growth Rate in Singapore is expected to be -4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Singapore to stand at 5.00 in 12 months time. In the long-term, the Singapore GDP Growth Rate is projected to trend around 3.00 percent in 2021 and 2.00 percent in 2022, according to our econometric models.