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.

Singapore GDP Annual Growth Rate
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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



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 [+]


Singapore GDP Annual Growth Rate

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




Country Last Previous
India 7.10 Sep/18
China 6.50 Sep/18
Indonesia 5.17 Sep/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Mexico 2.50 Sep/18
Spain 2.50 Sep/18
Netherlands 2.40 Sep/18
Switzerland 2.40 Sep/18
Singapore 2.20 Sep/18
South Korea 2.00 Sep/18
Canada 1.90 Jun/18
Saudi Arabia 1.61 Jun/18
Euro Area 1.60 Sep/18
Turkey 1.60 Sep/18
Russia 1.50 Sep/18
United Kingdom 1.50 Sep/18
France 1.40 Sep/18
Brazil 1.30 Sep/18
Germany 1.10 Sep/18
South Africa 1.10 Sep/18
Italy 0.70 Sep/18
Japan 0.00 Sep/18
Argentina -4.20 Jun/18


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