Singapore GDP Annual Growth Rate  1976-2017 | Data | Chart | Calendar

The Singaporean economy expanded 2.7 percent year-on-year in the March quarter of 2017, slower than 2.9 percent in the prior quarter but stronger than preliminary estimates of a 2.5 percent growth. On a quarterly basis, the GDP shrank an annualised 1.3 percent, compared to a 12.3 percent growth in the previous three months and less than a preliminary estimates of a 1.9 percent decline. It was the fastest contraction since the June quarter 2015. GDP Annual Growth Rate in Singapore averaged 6.70 percent from 1976 until 2017, 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.

Singapore GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus Forecast (i)
2017-02-17 12:00 AM Q4 2.9% 1.2% 2.5% 2.2%
2017-04-13 12:00 AM Q1 2.5% 2.9% 2.4% 2.6%
2017-05-25 12:00 AM Q1 2.7% 2.9% 2.7% 2.7%
2017-07-14 12:00 AM Q2 2.7% 2.6%
2017-08-11 12:00 AM Q2
2017-10-14 12:00 AM Q3 2.9%




Singapore GDP Growth Revised Up To 2.7% In Q1


The Singaporean economy expanded 2.7 percent year-on-year in the March quarter of 2017, slower than 2.9 percent in the prior quarter but stronger than preliminary estimates of a 2.5 percent growth. While services sector rose at a faster pace and manufacturing increased further, construction fell less than in the prior quarter, final figures showed.

Year-on-year, the manufacturing sector grew by 8.0 percent, compared to a 11.5 percent growth in the December quarter 2016 and above initial estimates of 6.6 percent. Electronics and precision engineering clusters drove the expansion, namely semiconductors and semiconductor manufacturing equipment. The services producing industries advanced 1.6 percent, compared to a 1.0 percent rise in the prior quarter and slightly higher than preliminary figures of 1.5 percent. Contributions came from wholesale and retail trade, transportation and storage, information & communications, finance and insurance, business services and other services.

In contrast, the construction sector contracted by 1.4 percent, slowing from a 2.8 percent decline in the fourth quarter and compared to earlier figures of a 1.1 percent fall, due to continued weakness in private sector construction works. 

For 2017, the government maintained its GDP growth forecast between1 to 3 percent but said the economy will likely grow faster than a 2 percent expansion in 2016, barring any downside risks. Growth in the electronics and precision engineering clusters is expected to be sustained for the rest of the year on the back of the strong recovery in global demand for semiconductors and semiconductor manufacturing equipment. Also, the transportation & storage is likely to benefit from the projected improvement in global trade flows while the information & communications and education, health & social services sectors are estimated to remain resilient.

In 2016, the economy advanced 2 percent, slightly stronger than a 1.9 percent growth in the preceding year.

On a quarterly basis, the GDP shrank an annualised 1.3 percent in the first quarter 2017, following a 12.3 percent growth in the previous three months and less than preliminary estimates of a 1.9  percent drop. It was the fastest contraction since the June quarter 2015, mainly due to a decline in manufacturing (-1.5 percent from 39.8 percent in Q4) and services (-2.1 percent from 8.4 percent). 

Statistics Singapore l Rida Husna | rida@tradingeconomics.com
5/25/2017 1:24:29 AM



Singapore GDP Last Previous Highest Lowest Unit
GDP Growth Rate -1.30 12.30 37.20 -13.50 percent [+]
GDP Annual Growth Rate 2.70 2.90 19.00 -8.80 percent [+]
GDP 292.74 306.34 306.34 0.70 USD Billion [+]
GDP Constant Prices 102408.70 102738.20 102738.20 7052.10 SGD Million [+]
Gross National Product 378329.70 366618.40 378329.70 2195.90 SGD Million [+]
Gross Fixed Capital Formation 23497.80 24489.00 26351.80 1860.50 SGD Million [+]
GDP per capita 51855.08 51440.82 51855.08 3389.56 USD [+]
GDP per capita PPP 80191.54 79550.90 80191.54 34298.03 USD [+]
GDP From Construction 4746.80 4696.90 4847.60 508.90 SGD Million [+]
GDP From Manufacturing 19050.80 19121.20 19121.20 1303.30 SGD Million [+]
GDP From Mining 68498.10 68867.80 68867.80 4133.60 SGD Million [+]
GDP From Services 18519.90 18632.20 18632.20 1333.10 SGD Million [+]
GDP From Transport 7999.20 7996.20 7999.20 543.10 SGD Million [+]
GDP From Utilities 1365.10 1363.40 1365.10 130.20 SGD Million [+]


Singapore GDP Annual Growth Rate Notes

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 June of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
2.70 2.90 19.00 -8.80 1976 - 2017 percent Quarterly



gdp annual growth rate by Country

Last
China 6.90 Mar/17
India 6.10 Mar/17
Indonesia 5.01 Mar/17
Turkey 5.00 Mar/17
Netherlands 3.20 Mar/17
Spain 3.00 Mar/17
South Korea 2.90 Mar/17
Mexico 2.80 Mar/17
Canada 2.30 Mar/17
United Kingdom 2.00 Mar/17
United States 2.00 Mar/17
Euro Area 1.90 Mar/17
Australia 1.70 Mar/17
Germany 1.70 Mar/17
Japan 1.30 Mar/17
Italy 1.20 Mar/17
France 1.10 Mar/17
Switzerland 1.10 Mar/17
Russia 0.50 Mar/17
Brazil -0.40 Mar/17