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

The Singaporean economy expanded 2.9 percent year-on-year in the June quarter of 2017, up from 2.5 percent in the prior quarter and stronger than preliminary estimates of a 2.6 percent growth. On a quarterly basis, the GDP grew an annualised 2.2 percent in Q2, rebounding from an upwardly revised 2.1 percent contraction in the previous three months and above preliminary estimates of a 0.5 percent expansion. GDP Annual Growth Rate in Singapore averaged 6.67 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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Singapore GDP Growth Revised Up To 2.9% in Q2


The Singaporean economy expanded 2.9 percent year-on-year in the June quarter of 2017, up from 2.5 percent in the prior quarter and stronger than preliminary estimates of a 2.6 percent growth. All sectors recorded positive growth except for the construction and accommodation & food services sectors. The manufacturing sector continued be the best performing sector followed by finance & insurance and transportation & storage, final figures showed.

Year-on-year, the manufacturing sector grew by 8.1 percent, slowing from an 8.5 percent growth in the March quarter 2017 but above initial estimates of 8.0 percent. Electronics and precision engineering clusters drove the expansion, mainly due to strong global demand for semiconductors and semiconductor related equipment. The services producing industries advanced 2.4 percent, compared to a 1.4 percent rise in the prior quarter and higher than preliminary figures of 1.7 percent. Contributions primarily came from transportation & storage, finance & insurance, and "other services industries".

 In contrast, the construction sector contracted by 5.7 percent, extending the 6.3 percent decline in Q1 and steeper than earlier figures of a 5.6 percent drop, due to falls in both private sector and public sector construction output.

In August 2017, the Ministry of Trade and Industry (MTI) declared that its GDP forecast for 2017 has been narrowed to "2 to 3 percent" from "1 to 3 percent", adding that GDP growth for the full year is likely to come in around 2.5 percent, barring any unexpected outcomes in the global economy and key sectors in the domestic economy for the rest of the year. The manufacturing sector is likely to remain the key support for the Singaporean economy in the second half of the year with electronics and precision engineering clusters expected to remain strong from robust global demand. Also, the external sectors such as wholesale trade, finance & insurance and transportation & storage are likely to improve from a pickup in global trade flows while the information & communications and education, health & social services sectors are expected 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 grew an annualised 2.2 percent in Q2, rebounding from an upwardly revised 2.1 percent contraction in the previous three months and above preliminary estimates of a 0.5 percent expansion. The recovery was mainly due to turnarounds in construction (+4.9 percent from -15 percent in Q1), wholesale & retail trade (+6.2 percent from -3.7 percent) and finance & insurance (+3.9 percent from -18.7 percent).

Statistics Singapore l Charles | charles@tradingeconomics.com
8/11/2017 1:44:23 AM



Calendar GMT Actual Previous Consensus Forecast (i)
2017-05-25 12:00 AM Q1 2.7% 2.9% 2.7% 2.7%
2017-07-14 12:00 AM Q2 2.5% 2.5% 2.8% 2.6%
2017-08-11 12:00 AM Q2 2.9% 2.5% 2.6% 2.5%
2017-10-14 12:00 AM Q3 2.9% 2.9%
2017-11-24 12:00 AM Q3


Singapore GDP Last Previous Highest Lowest Unit
GDP Growth Rate 2.20 -1.90 37.20 -13.50 percent [+]
GDP Annual Growth Rate 2.90 2.50 19.00 -8.80 percent [+]
GDP 296.97 296.84 308.14 0.70 USD Billion [+]
GDP Constant Prices 102755.90 102408.70 102755.90 7052.10 SGD Million [+]
Gross National Product 378329.70 366618.40 378329.70 2195.90 SGD Million [+]
Gross Fixed Capital Formation 23947.20 23497.80 26351.80 1860.50 SGD Million [+]
GDP per capita 52600.60 52244.60 52600.60 3389.60 USD [+]
GDP per capita PPP 81443.40 80892.10 81443.40 34339.70 USD [+]
GDP From Construction 4563.50 4746.80 4847.60 508.90 SGD Million [+]
GDP From Manufacturing 19273.60 19050.80 19273.60 1303.30 SGD Million [+]
GDP From Mining 68498.10 68867.80 68867.80 4133.60 SGD Million [+]
GDP From Services 18737.20 18519.90 18737.20 1333.10 SGD Million [+]
GDP From Transport 8044.70 7999.20 8044.70 543.10 SGD Million [+]
GDP From Utilities 1351.10 1365.10 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 August of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
2.90 2.50 19.00 -8.80 1976 - 2017 percent Quarterly



gdp annual growth rate by Country

Last
China 6.90 Jun/17
India 6.10 Mar/17
Indonesia 5.01 Jun/17
Turkey 5.00 Mar/17
Netherlands 3.30 Jun/17
Spain 3.10 Jun/17
South Korea 2.70 Jun/17
Russia 2.50 Jun/17
Canada 2.30 Mar/17
Euro Area 2.20 Jun/17
Germany 2.10 Jun/17
United States 2.10 Jun/17
Japan 2.00 Jun/17
France 1.80 Jun/17
Mexico 1.80 Jun/17
Australia 1.70 Mar/17
United Kingdom 1.70 Jun/17
Italy 1.50 Jun/17
Switzerland 1.10 Mar/17
Brazil -0.40 Mar/17