Singapore's economy expanded 1.3% yoy in Q1 2021, compared with an advance estimate of a 0.2% growth and a final 2.4% contraction in Q4. This was the highest GDP reading since Q4 2018, amid further progress in the domestic COVID-19 vaccination drive. The manufacturing sector grew stronger than initially thought (10.7% vs 10.3% in Q4), boosted by rises in the electronics, precision engineering, chemicals, and biomedical clusters. At the same time, the construction sector shrank less (-22.7% vs -27.4%), amid falls in both public and private construction works. Also, services activity fell much slower (-0.5% vs -4.7%), due to slower drops in food & beverage services, real estate, and transportation & storage; and an expansion in wholesale trade, and information & communication. On a quarterly basis, the economy grew 3.1%, the least in three quarters. For 2021, Singapore maintains the GDP growth forecast at 4 to 6%, citing the larger-than-usual degree of uncertainty due to the pandemic. source: Statistics Singapore
GDP Annual Growth Rate in Singapore averaged 6.17 percent from 1976 until 2021, reaching an all time high of 18.60 percent in the second quarter of 2010 and a record low of -13.30 percent in the second quarter of 2020. This page provides - Singapore GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2021.
GDP Annual Growth Rate in Singapore is expected to be 6.10 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 3.50 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 2.10 percent in 2022, according to our econometric models.