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.