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.

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Singapore GDP Growth Rate

Singapore GDP Growth Rate
Since gaining independence in 1963, Singaporean economy has been growing rapidly and as a result the country has now one of the highest GDP per capita in the world. The economy depends heavily on foreign trade; both from port activities and from exports of electronic components and refined oil. The country is a leading foreign direct investment recipient due to its status of one of the freest, most competitive and most business-friendly economies in the world. Singapore is also an important financial center.
Actual Previous Highest Lowest Dates Unit Frequency
2.60 1.20 9.00 -13.20 1975 - 2021 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2021-11-24 12:00 AM QoQ Final Q3 1.3% -1.4% 0.8%
2022-01-03 12:00 AM QoQ Adv Q4 2.6% 1.2% 2% 1.9%
2022-02-25 12:00 AM QoQ Final Q4 1.3% 2.6% 2.6%

Related Last Previous Unit Reference
GDP Growth Rate 2.60 1.20 percent Dec/21
GDP Annual Growth Rate 5.90 7.10 percent Dec/21
GDP Constant Prices 121161.80 119031.00 SGD Million Sep/21
Gross National Product 411756.60 460724.70 SGD Million Dec/20
Gross Fixed Capital Formation 29676.30 27871.50 SGD Million Sep/21
Gdp Growth Annualized 10.70 3.40 percent Dec/21
GDP From Manufacturing 27387.10 27381.00 SGD Million Sep/21
GDP From Construction 3838.90 3469.20 SGD Million Sep/21
GDP From Utilities 1488.90 1464.50 SGD Million Sep/21
GDP From Transport 6153.20 6114.30 SGD Million Sep/21
GDP From Services 16995.40 17015.60 SGD Million Sep/21
GDP From Mining 66551.90 74819.60 SGD Million Jun/20