Singapore's economy shrank 12.6% year-on-year in the second quarter of 2020, after a downwardly revised 0.3% decline in the prior period, worse than market consensus of a 10.5% fall, an advance estimate showed. This was the steepest contraction on record as the COVID-19 crisis took a huge toll on the economy. Construction activity slumped (-54.7% vs -1.1% in Q1) due to a stoppage of most activities during the Circuit Breaker measures aimed to slow the spread of the virus. Also, the services sector tumbled (-13.6% vs -2.4%), dragged down by tourism-related industry, food services, retail, and business services. Additionally, manufacturing growth slowed sharply (2.5% vs 8.2%), mainly led by biomedical manufacturing. On a quarterly basis, the economy shrank 41.2%, the most on record, after a downwardly revised 3.3% contraction in the March quarter, as output plunged in construction (-95.6%), services (-37.7%), and manufacturing (-23.1%).
GDP Annual Growth Rate in Singapore averaged 6.31 percent from 1976 until 2020, reaching an all time high of 18.60 percent in the second quarter of 2010 and a record low of -12.60 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 August of 2020. source: Statistics Singapore
GDP Annual Growth Rate in Singapore is expected to be -3.00 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 5.50 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 4.50 percent in 2021 and 2.10 percent in 2022, according to our econometric models.