Singapore GDP Annual Growth Rate

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.

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Calendar	GMT		Actual	Previous	Consensus	TEForecast
2018-07-13	12:00 AM	GDP Growth Rate YoY Adv	3.8%	4.3%	4%	3.7%
2018-08-13	12:00 AM	GDP Growth Rate YoY Final	3.9%	4.5%	4.3%	3.9%
2018-10-12	12:00 AM	GDP Growth Rate YoY Adv	2.6%	3.9%	2.5%	2.6%
2018-11-22	12:00 AM	GDP Growth Rate YoY Final	2.2%	4.1%	2.4%	2.6%
2019-01-14	12:00 AM	GDP Growth Rate YoY Adv				2%
2019-02-14	12:00 AM	GDP Growth Rate YoY Final				2%
2019-04-13	12:00 AM	GDP Growth Rate YoY Adv				2.90%

Singapore GDP Expands Below Expectations

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 2.6 preliminary estimate, and the 4.2 percent print for 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 original 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 original 2.9 percent and vs 2.8 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, narrowing from "2.5 to 3.5 per cent", and by “1.5 to 3.5 per cent” in 2019, as the pace of economic expansion across most of the major advanced and regional economies is expected to ease from 2018’s levels, in part due to the impact of the ongoing trade conflicts between the US and its key trading partners.

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy expanded a seasonally-adjusted annualized 3.0 percent quarter-on-quarter in the third quarter of 2018, well above the 1.0 percent final growth for the previous quarter but missing expectations of a 4.2 percent increase and well below the preliminary 4.7 percent print. It was the fastest expansion in four quarters.

Mario | mario@tradingeconomics.com
11/22/2018 12:24:09 AM

Recent Releases

Singapore Economy Expands 2.6% YoY in Q3
The economy of Singapore grew an annual 2.6 percent in the third quarter of 2018, slightly above market expectations of a 2.5 percent expansion but well below the 4.1 percent final growth rate for the previous quarter, advanced data showed.
Published on 2018-10-12

Singapore Q2 GDP Growth Revised Slightly Higher to 3.9%
The economy of Singapore grew an annual 3.9 percent in the June quarter of 2018, slightly above the advance estimate of a 3.8 percent growth but less than market consensus of a 4.1 percent rise. It followed an upwardly revised 4.5 percent expansion in the March quarter, with manufacturing sector expanding more than initially thought.
Published on 2018-08-13

Singapore GDP Growth Slows to 3.8% YoY in Q2
The economy of Singapore advanced 3.8 percent year-on-year in the second quarter of 2018, according to advance data, losing steam from a downwardly revised 4.3 percent climb in Q1 and below consensus expectations of a 4 percent expansion. Manufacturing and services lost steam, whereas construction contracted at a slower pace.
Published on 2018-07-13

Singapore GDP Growth Revised Higher to 4.4% in Q1
The economy of Singapore expanded 4.4 percent year-on-year in the first quarter of 2018, according to final data, gaining steam from a 3.6 percent climb in the previous period and surpassing expectations and the advanced estimate of 4.3 percent. It was the fastest growth rate in sixteen quarters.
Published on 2018-05-24

Singapore GDP	Last	Previous	Highest	Lowest	Unit
GDP Growth Rate	3.00	1.20	36.60	-13.50	percent	[+]
GDP Annual Growth Rate	2.20	4.10	19.00	-8.80	percent	[+]
GDP	323.91	309.76	323.91	0.70	USD Billion	[+]
GDP Constant Prices	109376.30	108573.60	109376.30	7052.30	SGD Million	[+]
Gross National Product	431376.50	405836.50	431376.50	2195.90	SGD Million	[+]
Gross Fixed Capital Formation	25951.50	28120.70	28684.50	1874.00	SGD Million	[+]
GDP per capita	55235.51	53353.80	55235.51	3389.60	USD	[+]
GDP per capita PPP	85535.38	82621.50	85535.38	34344.70	USD	[+]
GDP From Construction	4385.30	4331.60	5145.80	508.90	SGD Million	[+]
GDP From Manufacturing	21607.50	21446.60	21607.50	1303.30	SGD Million	[+]
GDP From Mining	73110.10	72285.60	73110.10	4133.60	SGD Million	[+]
GDP From Services	19863.70	19684.20	20107.10	1333.10	SGD Million	[+]
GDP From Transport	8328.10	8150.70	8328.10	543.10	SGD Million	[+]
GDP From Utilities	1341.30	1358.40	1364.30	130.20	SGD Million	[+]

In Singapore, services are the biggest sector of the economy and account for 72 percent of GDP. Within services the most important segments are: wholesale and retail trade (18 percent of total GDP); business services (16 percent); finance and insurance (13 percent), transport and storage (10 percent) and information and communications (5 percent). Industry contributes the remaining 28 percent total output. Manufacturing (21 percent) and construction (5 percent) are the most important industry segments. This page provides - Singapore GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on December of 2018.

	Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
	2.20	4.10	19.00	-8.80	1976 - 2018	percent	Quarterly

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Country	Last		Previous	Range
India	7.10	Sep/18	8.2	11.4 : -5.2	%
China	6.50	Sep/18	6.7	15.4 : 3.8	%
Indonesia	5.17	Sep/18	5.27	7.16 : 1.56	%
United States	3.00	Sep/18	2.9	13.4 : -3.9	%
Australia	2.80	Sep/18	3.1	9 : -3.4	%
Mexico	2.50	Sep/18	2.6	9 : -9.1	%
Spain	2.50	Sep/18	2.5	5.6 : -4.3	%
Netherlands	2.40	Sep/18	3.1	6.1 : -4.6	%
Switzerland	2.40	Sep/18	3.5	5.8 : -3.7	%
Singapore	2.20	Sep/18	4.1	19 : -8.8	%
South Korea	2.00	Sep/18	2.8	20.8 : -7.3	%
Canada	1.90	Jun/18	2.3	9.3 : -4.1	%
Saudi Arabia	1.61	Jun/18	1.15	24.2 : -20.7	%
Euro Area	1.60	Sep/18	2.2	5 : -5.5	%
Turkey	1.60	Sep/18	5.3	11.7 : -14.4	%
Russia	1.50	Sep/18	1.9	12.1 : -11.2	%
United Kingdom	1.50	Sep/18	1.2	9.7 : -6.1	%
France	1.40	Sep/18	1.6	12.6 : -3.8	%
Brazil	1.30	Sep/18	0.9	10.1 : -5.5	%
Germany	1.10	Sep/18	2	7.2 : -6.8	%
South Africa	1.10	Sep/18	0.4	7.1 : -2.6	%
Italy	0.70	Sep/18	1.2	10.3 : -7.2	%
Japan	0.00	Sep/18	1.4	9.4 : -8.8	%
Argentina	-4.20	Jun/18	3.9	16.2 : -16.3	%