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.

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Singapore GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-12.60 -0.30 18.60 -12.60 1976 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-02-17 12:00 AM YoY Final Q4 1% 0.7% 0.8% 0.8%
2020-03-26 12:00 AM YoY Adv Q1 -2.2% 1% -1.5% -1.6%
2020-05-26 12:00 AM YoY Final Q1 -0.7% 1% -1.5% -2.2%
2020-07-14 12:00 AM YoY Adv Q2 -12.6% -0.3% -10.5% -10.9%
2020-08-10 12:00 AM YoY Final Q2 -0.7% -12.6%
2020-10-14 12:00 AM YoY Adv Q3 -3%
2020-11-20 12:00 AM YoY Final Q3 -3%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Singapore Q2 GDP Shrinks at Record Pace, Enters Recession
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%).
2020-07-14
Singapore GDP Shrinks Less than Expected
Singapore's economy shrank 0.7% year-on-year in the first quarter of 2020 (vs preliminary -2.2%), reversing the 1% growth in the prior period and compared with market expectations of a 1.5% fall. It was the first contraction since Q2 2009, amid the coronavirus pandemic, led by accommodation & food services (-23.8% vs 2.5% in Q4); transportation & storage (-8.1% vs 0.8%); wholesale & retail trade (-5.8% vs -1.9%); business services (-3.3% vs 1.7%) and construction (-4% vs 4.3%). In contrast, manufacturing output surprisingly expanded by 6.6%, reversing a 2.3% decrease in Q4, due to a surge in the production of active pharmaceutical ingredients and biological products. On a seasonally adjusted quarterly basis, the economy shrank 4.7%, the most since the Q3 2010, less than market expectations of a 7.4% decline and compared with a 0.6% growth in Q4. The coronavirus outbreak prompted authorities to downgrade their full-year GDP forecast range to -7% to -4% from previous -4% to -1%.
2020-05-26
Singapore Economy Contracts the Most in over a Decade
Singapore's economy shrank 2.2 percent year-on-year in the first quarter of 2020, reversing the 1.0 percent growth in the previous period and compared with market expectations of a 1.5 percent decline, preliminary data showed. It was the first contraction since the second quarter of 2009, amid the coronavirus pandemic as construction output (-4.3 percent vs 2.8 percent in Q4) and services (-3.1 percent vs 1.1 percent) shrank. Meanwhile, manufacturing output contracted 0.5 percent, less than a 1.4 percent decrease in the prior period. On a seasonally adjusted quarterly basis, the economy shrank 10.6 percent, The coronavirus outbreak prompted authorities to downgrade their full-year GDP forecast range to -4% to -1%.
2020-03-26
Singapore Q4 GDP Annual Growth Strongest in 3 Quarters
The economy of Singapore advanced 0.8 percent year-on-year in the fourth quarter of 2019, after an upwardly revised 0.7 percent growth in the previous quarter and matching market expectations, an advance estimate showed. This was the highest growth rate since the March quarter, mainly driven by the services sector and construction output. For the whole of 2019, the Singapore economy grew by 0.7 percent, the slowest pace of expansion in a decade, affected by ongoing trade tension between the US and China as well as a cyclical global downturn in the electronics sector. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 0.1 percent, compared to an upwardly revised 2.4 percent expansion in the September quarter and missing estimates of a 0.4 percent growth.
2020-01-02

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.