Singapore’s economy expanded 0.4% on a quarter-on-quarter seasonally-adjusted basis in the first quarter of 2022, slowing from a 2.3% growth in the previous quarter, preliminary data showed. The manufacturing sector contracted 1.2% QoQ, a sharp reversal from the 6.3% growth in the preceding quarter. The construction sector expanded 2.8%, a turnaround from the 2.1% decline in the previous quarter. The services producing industries also indicated slowing activity, including wholesale & retail trade and transportation and storage (1.2% vs 1.3%), information & communications, finance & insurance and professional services (-2% vs 2.5%) and accommodation & food services, real estate, admin & support and other services (2.9% vs 2.6%). source: Statistics Singapore

GDP Growth Rate in Singapore averaged 1.52 percent from 1975 until 2022, reaching an all time high of 9 percent in the third quarter of 2020 and a record low of -13.20 percent in the second quarter of 2020. This page provides - Singapore GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2022.

GDP Growth Rate in Singapore is expected to be 1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore GDP Growth Rate is projected to trend around 2.00 percent in 2023, according to our econometric models.

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Singapore GDP Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2022-02-17 02:00 AM QoQ Final Q4 2.3% 1.5% 2.6% 2.6%
2022-04-14 12:00 AM QoQ Adv Q1 0.4% 2.3% 1.9%
2022-05-25 12:00 AM QoQ Final Q1 2.3% 0.8% 0.4%

Related Last Previous Unit Reference
GDP Growth Rate 0.40 2.30 percent Mar 2022
GDP Annual Growth Rate 3.40 6.10 percent Mar 2022
GDP Constant Prices 126836.00 121161.80 SGD Million Dec 2021
Gross National Product 469088.30 411756.60 SGD Million Dec 2021
Gross Fixed Capital Formation 30167.10 29676.30 SGD Million Dec 2021
Full Year GDP Growth 7.61 -4.14 percent Dec 2021
Gdp Growth Annualized 1.40 10.70 percent Mar 2022
GDP From Manufacturing 29587.90 27387.10 SGD Million Dec 2021
GDP From Construction 3579.90 3838.90 SGD Million Dec 2021
GDP From Utilities 1537.30 1488.90 SGD Million Dec 2021
GDP From Transport 6987.00 6153.20 SGD Million Dec 2021
GDP From Services 17724.90 16995.40 SGD Million Dec 2021
GDP From Mining 66551.90 74819.60 SGD Million Jun 2020

Singapore GDP Growth Rate
Since gaining independence in 1963, Singaporean economy has been growing rapidly and as a result the country has now one of the highest GDP per capita in the world. The economy depends heavily on foreign trade; both from port activities and from exports of electronic components and refined oil. The country is a leading foreign direct investment recipient due to its status of one of the freest, most competitive and most business-friendly economies in the world. Singapore is also an important financial center.
Actual Previous Highest Lowest Dates Unit Frequency
0.40 2.30 9.00 -13.20 1975 - 2022 percent Quarterly