The Singapore’s GDP grew by 3.7% yoy in Q1 of 2022, compared with the flash figure of a 3.4% rise and after a 6.1% gain in Q4. While matching market consensus, the latest print was the softest since Q1 2021, on surging inflation, soaring commodity prices, and supply chain issues due to the Ukraine war. The manufacturing sector rose 7.1% yoy, slowing from a 15.5% gain in Q4, mainly supported by rises in the electronics, and general manufacturing and precision engineering. Also, there were moderation in construction activity (2.1% vs 2.9%); and services (4.2% vs 5.6%), amid a slowdown in the output of wholesale trade, retail sales, food & beverages, information, finance & insurance, and real estate. The city state has kept the 2022 GDP outlook at 3 to 5%, but is expecting growth to come in “at the lower half” of the range, citing a weak global environment. On a quarterly basis, the economy expanded 0.7%, higher than the 0.4% gain in the initial data but below forecast of a 0.8% rise. source: Statistics Singapore
GDP Annual Growth Rate in Singapore averaged 6.22 percent from 1976 until 2022, 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 July of 2022.
GDP Annual Growth Rate in Singapore is expected to be 2.50 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.