The economy of Singapore grew an annual 1.9 percent in the fourth quarter of 2018 (vs preliminary 2.2 percent), following an upwardly revised 2.4 percent expansion in the previous three-month period and missing market expectations of 2.1 percent, final data showed. It was the weakest growth rate since the third quarter of 2016 as services expansion slowed and construction output continued to fall. 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 2.50 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 2.20 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 1.60 percent in 2020, according to our econometric models.

Singapore GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
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%
2019-01-02 12:00 AM GDP Growth Rate YoY Adv 2.2% 2.3% 2.7% 2%
2019-02-15 12:00 AM GDP Growth Rate YoY Final 1.9% 2.4% 2.1% 2.2%
2019-04-12 12:00 AM GDP Growth Rate YoY Adv 1.9% 2.5%
2019-05-24 12:00 AM GDP Growth Rate YoY Final 1.9% 2.5%
2019-07-13 12:00 AM GDP Growth Rate YoY Adv 2.3%



Singapore GDP Annual Growth Rate Below Expectations

The economy of Singapore grew an annual 1.9 percent in the fourth quarter of 2018 (vs preliminary 2.2 percent), following an upwardly revised 2.4 percent expansion in the previous three-month period and missing market expectations of 2.1 percent, final data showed. It was the weakest growth rate since the third quarter of 2016 as services expansion slowed and construction output continued to fall.

Slower growth was mainly explained by services-producing industries (+1.8 percent vs +2.7 percent), as wholesale & retail trade contracted 0.6 percent after growing 1.8 percent in the previous quarter. Also, growth in transportation & storage cooled to 0.5 percent from 1.9 percent in Q3, while accommodation & food services expanded 2.9 percent after a 4.0 percent jump. 

In contrast, goods-producing industries expanded 3.8 percent after growing 2.3 percent in the previous three months, with manufacturing expanding 5.1 percent after climbing 3.5 percent. Meantime, construction contracted 1.0 percent after shrinking 2.3 percent. 

On a seasonally-adjusted annualized basis economy of Singapore grew 1.4 percent in the three months to December 2018 (vs preliminary 1.6 percent), matching a downwardly revised percent growth in the previous period and missing market consensus of 1.6 percent.

For the whole of 2018, the Singapore economy grew by 3.2 percent, a moderation from the 3.9 percent growth for 2017. In particular, the manufacturing sector rose 7.2 percent compared to 10.4 percent in 2017, amid weaker demand for semiconductors which account for 62 percent of sector production.

For 2019, the MTI maintained the GDP growth forecast at “1.5 to 3.5 percent”, with growth expected to come in slightly below the mid-point of the forecast range. 


Mario | mario@tradingeconomics.com
2/15/2019 12:40:32 PM



Singapore GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.40 1.40 36.10 -13.40 percent [+]
GDP Annual Growth Rate 1.90 2.40 19.00 -8.80 percent [+]
GDP 323.91 309.76 323.91 0.70 USD Billion [+]
GDP Constant Prices 111108.10 110721.30 111108.10 7052.30 SGD Million [+]
Gross National Product 454012.90 431376.50 454012.90 2195.90 SGD Million [+]
Gross Fixed Capital Formation 29998.80 25951.50 29998.80 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 4234.40 4182.20 5075.10 508.90 SGD Million [+]
GDP From Manufacturing 21376.50 21524.00 21524.00 1303.30 SGD Million [+]
GDP From Mining 75110.80 74587.80 75110.80 4133.60 SGD Million [+]
GDP From Services 20169.30 20256.50 20535.70 1333.10 SGD Million [+]
GDP From Transport 8365.00 8360.40 8365.00 543.10 SGD Million [+]
GDP From Utilities 1359.10 1341.30 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 February of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.90 2.40 19.00 -8.80 1976 - 2018 percent Quarterly




Country Last Previous
India 7.10 Sep/18
China 6.40 Dec/18
Indonesia 5.18 Dec/18
South Korea 3.10 Dec/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Saudi Arabia 2.50 Sep/18
Spain 2.40 Dec/18
Switzerland 2.40 Sep/18
Canada 2.10 Sep/18
Netherlands 2.00 Dec/18
Singapore 1.90 Dec/18
Mexico 1.80 Dec/18
Turkey 1.60 Sep/18
Russia 1.50 Sep/18
Brazil 1.30 Sep/18
United Kingdom 1.30 Dec/18
Euro Area 1.20 Dec/18
South Africa 1.10 Sep/18
France 0.90 Dec/18
Germany 0.60 Dec/18
Italy 0.10 Dec/18
Japan 0.00 Dec/18
Argentina -3.50 Sep/18


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