Singapore’s economy expanded 5.9% YoY in the fourth quarter of 2021, slowing from a 7.1% growth in the previous quarter but higher than market expectation for a 5.4% increase, preliminary data showed. For the whole of 2021, the economy grew by 7.2%, rebounding from the 5.4% contraction in 2020. The city-state bounced back for the year due to strong export demand and high vaccination rates, with 87% of the population having received two doses. However, persistent challenges of the pandemic became more apparent late in the year, with Singapore’s largest Covid outbreak in October leading to renewed domestic restrictions and a slow recovery of international travel affecting its core related industries. The manufacturing sector expanded 12.8% in 2021 on solid global demand for electronics components. The construction and services sectors rebounded 18.7% and 5.2%, respectively, after being hampered by pandemic restrictions. source: Statistics Singapore

GDP Annual Growth Rate in Singapore averaged 6.22 percent from 1976 until 2021, reaching an all time high of 18.60 percent in the second quarter of 2010 and a record low of -13.30 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 January of 2022.

GDP Annual Growth Rate in Singapore is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 2.10 percent in 2023, according to our econometric models.

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Singapore GDP Annual Growth Rate


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.
Actual Previous Highest Lowest Dates Unit Frequency
5.90 7.10 18.60 -13.30 1976 - 2021 percent Quarterly
NSA

Calendar GMT Actual Previous Consensus TEForecast
2021-11-24 12:00 AM YoY Final Q3 7.1% 15.20% 6.5% 6.5%
2022-01-03 12:00 AM YoY Adv Q4 5.9% 7.1% 5.4% 5.1%
2022-02-25 12:00 AM YoY Final Q4 7.1% 5.9% 5.9%


Related Last Previous Unit Reference
GDP Growth Rate 2.60 1.20 percent Dec/21
GDP Annual Growth Rate 5.90 7.10 percent Dec/21
GDP Constant Prices 121161.80 119031.00 SGD Million Sep/21
Gross National Product 411756.60 460724.70 SGD Million Dec/20
Gross Fixed Capital Formation 29676.30 27871.50 SGD Million Sep/21
Gdp Growth Annualized 10.70 3.40 percent Dec/21
GDP From Manufacturing 27387.10 27381.00 SGD Million Sep/21
GDP From Construction 3838.90 3469.20 SGD Million Sep/21
GDP From Utilities 1488.90 1464.50 SGD Million Sep/21
GDP From Transport 6153.20 6114.30 SGD Million Sep/21
GDP From Services 16995.40 17015.60 SGD Million Sep/21
GDP From Mining 66551.90 74819.60 SGD Million Jun/20


News Stream
Singapore GDP Rebounds 7.2% in 2021
Singapore’s economy expanded 5.9% YoY in the fourth quarter of 2021, slowing from a 7.1% growth in the previous quarter but higher than market expectation for a 5.4% increase, preliminary data showed. For the whole of 2021, the economy grew by 7.2%, rebounding from the 5.4% contraction in 2020. The city-state bounced back for the year due to strong export demand and high vaccination rates, with 87% of the population having received two doses. However, persistent challenges of the pandemic became more apparent late in the year, with Singapore’s largest Covid outbreak in October leading to renewed domestic restrictions and a slow recovery of international travel affecting its core related industries. The manufacturing sector expanded 12.8% in 2021 on solid global demand for electronics components. The construction and services sectors rebounded 18.7% and 5.2%, respectively, after being hampered by pandemic restrictions.
2022-01-03
Singapore Q3 GDP Growth Moderates
Singapore's economy expanded 7.1% yoy in Q3 2021, compared with market consensus of a 6.5% growth and slowing from an upwardly revised 15.2% jump in Q2, official data showed. Still, this was the third straight quarter of growth, amid a sustained economic recovery in the wake of COVID-19 disruptions. The manufacturing sector grew at a softer rate (7.2% vs 18% in Q1), with output continuing to grow in all clusters except for biomedicals. Also, construction activity slowed (66.3% vs 117.5%), but remained strong due to low base effects given the slow resumption of construction activities after the Circuit Breaker period last year. Moreover, growth in the services sector printed at 6.3%, compared with the 10.9% jump in Q2, supported mainly by the wholesale trade, information & communications and finance & insurance industries. On a quarterly basis, the economy advanced 1.3%, after a downwardly revised 1.4% contraction in Q2.
2021-11-24
Singapore Q3 GDP Growth Moderates
Singapore's economy expanded 6.5% yoy in Q3 2021, compared with market consensus of a 6.6% growth and slowing from an upwardly revised 15.2% jump in Q1, an advance estimate showed. Still, this was the third straight quarter of growth, amid a sustained economic recovery in the wake of COVID-19 disruptions. The manufacturing sector grew at a softer rate (7.5% vs 18% in Q1), with output continuing to grow in most clusters except for chemicals. Also, construction activity slowed(57.9% vs 117.5%), on low base effects and labor shortages due to border restrictions. In contrast, services output gained 0.5%, rebounding from a 0.3% drop in Q1, boosted by a rebound in accommodation & food services and a further rise in information & communication, finance & insurance. On a quarterly basis, the economy advanced 0.8%, after a downwardly revised 1.4% contraction in Q1.
2021-10-14