The economy of Singapore grew an annual 2.2 percent in the third quarter of 2018, below market expectations of a 2.4 percent expansion, the preliminary estimate of 2.6 percent and the upwardly revised 4.1 percent print in the previous quarter, final data showed. It was the slowest growth rate in eight quarters. Moderate growth was mainly explained by manufacturing, which expanded 3.5 percent (vs estimate of 4.5 percent) after a 10.7 percent expansion in the previous quarter, with growth observed in all clusters. Meantime, services grew at a 2.4 percent pace (vs estimate of 2.9 percent and vs 2.3 percent in Q2). In contrast, construction extended its contraction, shrinking 2.3 percent (vs original -3.1 percent) after falling 4.2 percent in Q2. The Ministry of Trade and Industry (MTI) announced today that the Singapore economy is expected to grow by “3.0 to 3.5 per cent” in 2018, and by “1.5 to 3.5 per cent” in 2019. GDP Annual Growth Rate in Singapore averaged 6.63 percent from 1976 until 2018, reaching an all time high of 19 percent in the second quarter of 2010 and a record low of -8.80 percent in the first quarter of 2009.
GDP Annual Growth Rate in Singapore is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Singapore to stand at 2.50 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 2.40 percent in 2020, according to our econometric models.