Singapore’s economy expanded 2.6% on a QoQ seasonally-adjusted basis in the fourth quarter of 2021, faster than the 1.2% growth in the preceding quarter and higher than market expectation for a 2% increase. For the whole of 2021, the economy grew by 7.2%, rebounding from the 5.4% contraction in 2020. The city-state bounced back for the year due to strong export demand and high vaccination rates, with 87% of the population having received two doses. However, persistent challenges of the pandemic became more apparent late in the year, with Singapore’s largest Covid outbreak in October leading to renewed domestic restrictions and a slow recovery of international travel affecting its core related industries. The manufacturing sector expanded 12.8% in 2021 on solid global demand for electronics components. The construction and services sectors rebounded 18.7% and 5.2%, respectively, after being hampered by pandemic restrictions. source: Statistics Singapore
GDP Growth Rate in Singapore averaged 1.53 percent from 1975 until 2021, reaching an all time high of 9 percent in the third quarter of 2020 and a record low of -13.20 percent in the second quarter of 2020. 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 January of 2022.
GDP Growth Rate in Singapore is expected to be 1.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore GDP Growth Rate is projected to trend around 2.00 percent in 2023, according to our econometric models.