News

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.
Published on 2020-01-02

Singapore GDP Growth Matches Consensus
The economy of Singapore advanced 0.5 percent year-on-year in the third quarter of 2019, well above the upwardly revised 0.2 percent expansion for the previous quarter and matching expectations, a final reading showed. As a result of the favourable reading, the Ministry of Trade and Industry narrowed the 2019 GDP growth forecast to “0.5 to 1.0 percent” from “0.0 to 1.0 percent”.
Published on 2019-11-21

Singapore Q3 GDP Growth Below Expectations
The economy of Singapore advanced 0.1 percent year-on-year in the third quarter of 2019, the same pace as in the previous period but missing market consensus of a 0.2 percent expansion, an advance estimate showed. This remained the weakest growth rate since the second quarter of 2019, when the economy shrank 1.2 percent, amid a further contraction in manufacturing output and a slowdown in the services and construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 0.6 percent in the three months to September, after a downwardly revised 2.7 percent contraction in the second quarter and below expectations of a 1.5 percent expansion.
Published on 2019-10-14

Singapore Q2 GDP Growth Confirmed at A Decade Low
The economy of Singapore advanced an annual 0.1 percent in the second quarter 2019, unrevised from a preliminary figure and slowing sharply from a 1.1 percent expansion in the previous period, final data showed. This marked the lowest growth rate since the second quarter 2009, mainly weighed down by a slump in manufacturing output. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank 3.3 percent, compared to the preliminary figure of a 3.4 percent contraction and reversing from a 3.8 percent growth in Q1. It was the steepest quarterly contraction since Q3 2012 when the reading showed a 4.1 percent fall. Meantime, amid escalations in global trade tensions and a struggling manufacturing sector, the Ministry of Trade and Industry revised lower 2019 GDP growth forecasts to be in a range of 0 to 1% from an earlier projection of 1.5 to 2.5%, with growth expected to come in at around the mid-point of the forecast range.
Published on 2019-08-13

Singapore Q2 GDP Growth Weakest in 10 Years
The economy of Singapore advanced 0.1 percent year-on-year in the second quarter of 2019, slowing from a downwardly revised 1.1 percent expansion in the previous period and well below market forecasts of a 1.1 percent rise, an advance estimate showed. It was the weakest growth rate since the second quarter of 2009, when the economy contracted 1.2 percent, as the manufacturing sector shrank further and construction output eased. On an quarterly basis, the GDP shrank 3.4 percent, the steepest contraction since the third quarter of 2012, after growing 3.8 percent in the prior period and missing market expectations of a 0.1 percent expansion.
Published on 2019-07-12

Singapore Annual GDP Growth Slowest since 2009
The economy of Singapore grew an annual 1.2 percent in the first quarter of 2019, following a 1.3 percent expansion in the previous three-month period and missing market expectations of 1.5 percent, final data showed. It was the slowest growth rate since Q2 2009, dragged by a contraction in manufacturing.
Published on 2019-05-21

Singapore Annual GDP Growth Weakest since 2015
The economy of Singapore grew an annual 1.3 percent in the first quarter of 2019, following an unrevised 1.9 percent expansion in the previous three-month period and missing market expectations of 1.5 percent, advanced data showed. It was the slowest growth rate since Q4 2015, dragged by a contraction in manufacturing.
Published on 2019-04-12

Singapore GDP Annual Growth Rate Below Expectations
The economy of Singapore grew an annual 1.9 percent in the fourth quarter of 2018 (vs preliminary 2.2 percent), following an upwardly revised 2.4 percent expansion in the previous three-month period and missing market expectations of 2.1 percent, final data showed. It was the weakest growth rate since the third quarter of 2016 as services expansion slowed and construction output continued to fall.
Published on 2019-02-15

Singapore Q4 GDP Growth Weakest in Over 2 Years
The economy of Singapore grew an annual 2.2 percent in the fourth quarter of 2018, following an upwardly revised 2.3 percent expansion in the previous three-month period and missing market expectations of 2.7 percent, a preliminary estimate showed. It was the weakest growth rate since the third quarter of 2016 as services expansion slowed and construction output continued to fall. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded 1.6 percent, following an upwardly revised 3.5 percent growth in the September quarter and also missing market consensus of 2.9 percent. For 2018 as a whole, the economy grew by 3.3 percent, compared to a 3.6 percent expansion in 2017.
Published on 2019-01-02

Singapore GDP Expands at 2-Year Low
The economy of Singapore grew an annual 2.2 percent in the third quarter of 2018, below market expectations of a 2.4 percent expansion, the preliminary estimate of 2.6 percent and the upwardly revised 4.1 percent print in the previous quarter, final data showed. It was the slowest growth rate in eight quarters. Moderate growth was mainly explained by manufacturing, which expanded 3.5 percent (vs estimate of 4.5 percent) after a 10.7 percent expansion in the previous quarter, with growth observed in all clusters. Meantime, services grew at a 2.4 percent pace (vs estimate of 2.9 percent and vs 2.3 percent in Q2). In contrast, construction extended its contraction, shrinking 2.3 percent (vs original -3.1 percent) after falling 4.2 percent in Q2. The Ministry of Trade and Industry (MTI) announced today that the Singapore economy is expected to grow by “3.0 to 3.5 per cent” in 2018, and by “1.5 to 3.5 per cent” in 2019.
Published on 2018-11-22

Singapore GDP Expands 2.6% YoY
The economy of Singapore grew an annual 2.6 percent in the third quarter of 2018, slightly above market expectations of a 2.5 percent expansion but well below the 4.1 percent final growth rate for the previous quarter, advanced data showed. Moderate growth was mostly explained by manufacturing, which increased 4.5 percent (from 10.6 percent in Q2), with growth mainly nudged by output expansions in the electronics, biomedical manufacturing and transport engineering clusters. Meantime, services grew at a 2.9 percent pace (the same as in the previous quarter) and construction extended its contraction, shrinking 3.1 percent after falling 4.2 percent in Q2.
Published on 2018-10-12

Singapore Q2 GDP Growth Revised Slightly Higher to 3.9%
The economy of Singapore grew an annual 3.9 percent in the June quarter of 2018, slightly above the advance estimate of a 3.8 percent growth but less than market consensus of a 4.1 percent rise, final figure showed. It followed an upwardly revised 4.5 percent expansion in Q1, with manufacturing sector expanding more than initially thought. For 2018, the Ministry of Trade and Industry maintained the GDP growth forecast between 2.5 to 3.5 percent, but it highlighted weaker-than expected expansion in some major economies such as the EU and Japan as well as the potential risk from intensifying global trade tensions. On a quarter-on-quarter seasonally-adjusted annualized basis, the GDP advanced 0.6 percent in Q2, lower than the preliminary figure of a 1 percent growth and missing expectations of a 1.3 percent increase. It followed an upwardly revised quarterly figure of 2.2 percent expansion in Q1 and marked the weakest pace of expansion since a contraction in Q1 2017.
Published on 2018-08-13

Singapore GDP Growth Slows to 3.8% YoY in Q2
The economy of Singapore advanced 3.8 percent year-on-year in the second quarter of 2018, according to advance data, losing steam from a downwardly revised 4.3 percent climb in Q1 and below consensus expectations of a 4 percent expansion. Manufacturing and services lost steam, whereas construction contracted at a slower pace. On a quarter-on-quarter annualized basis, the economy expanded 1.0 percent after a downwardly revised 1.5 percent growth.
Published on 2018-07-13

Singapore GDP Expands 4.4% YoY in Q1
The economy of Singapore expanded 4.4 percent year-on-year in the first quarter of 2018, according to final data, gaining steam from a 3.6 percent climb and surpassing consensus expectations and the advanced estimate of 4.3 percent. It was the fastest growth rate in sixteen quarters. Manufacturing and wholesale & retail trade grew faster while construction continued to contract. On a quarterly basis, the economy expanded 1.7 percent.
Published on 2018-05-24

Singapore Economy Grows 4.3% in Q1
The economy of Singapore expanded 4.3 percent year-on-year in the first quarter of 2018, according to advanced data, gaining steam from a 3.6 percent climb and matching consensus expectations. It was the second fastest growth rate in thirteen quarters. Manufacturing and wholesale & retail trade grew faster while construction continued to contract.
Published on 2018-04-13

Singapore Q4 GDP Growth Eases to 3.6%
The economy of Singapore expanded 3.6 percent year-on-year in the fourth quarter of 2017, slowing down from a 4-year high of 5.5 percent in the previous period but above the preliminary estimate of 3.1 percent. Manufacturing and wholesale & retail trade growth eased while construction continued to contract. Considering full 2017, the Singapore economy grew by 3.6 percent, faster than 2.4 percent in 2016. The Ministry of Trade and Industry expects GDP growth for 2018 to come in slightly above the middle of the forecast range of 1.5 to 3.5 percent.
Published on 2018-02-14

Singapore GDP Annual Growth Beats Forecasts in Q4
The economy of Singapore expanded 3.1 percent year-on-year in the last three months of 2017, below an upwardly revised 5.4 percent rise in the previous quarter which was the highest growth rate in nearly four years. Figures came above market expectations of 2.7 percent, according to advance estimates. Considering full 2017, the GDP advanced 3.5 percent, higher than 2 percent in 2016 and the fastest expansion since 2014.
Published on 2018-01-02

Singapore GDP Growth Revised Up in Q3
The Singaporean economy grew 5.2 percent year-on-year in the third quarter of 2017, following an initial estimate of 4.6 percent and up from 2.9 percent in the prior quarter. It is the biggest expansion since the last quarter of 2013, led by a sharp acceleration in manufacturing. On a quarterly basis, the final estimate showed that the GDP grew an annualized 8.8 percent in Q3 (vs a preliminary 6.3 percent), sharply surpassing the downwardly revised 2.2 percent growth of the previous quarter. The Ministry of Trade and Industry announced that the Singapore economy is expected to grow by 3.0-3.5 percent in 2017 and by 1.5-3.5 percent in 2018.
Published on 2017-11-23

Singapore GDP Growth Surpasses Expectations in Q3
The Singaporean economy expanded 4.6 percent year-on-year in the third quarter of 2017, up from 2.9 percent in the prior quarter and stronger than market expectations of a 3.8 percent expansion, led by a sharp acceleration in manufacturing. On a quarterly basis, the advanced estimate showed that the GDP grew an annualized 6.3 percent in Q3, sharply surpassing the 2.4 percent growth of the previous quarter and the 3.2 percent expansion expected by consensus.
Published on 2017-10-13

Singapore GDP Growth Revised Up To 2.9% in Q2
The Singaporean economy expanded 2.9 percent year-on-year in the June quarter of 2017, up from 2.5 percent in the prior quarter and stronger than preliminary estimates of a 2.6 percent growth. On a quarterly basis, the GDP grew an annualised 2.2 percent in Q2, rebounding from an upwardly revised 2.1 percent contraction in the previous three months and above preliminary estimates of a 0.5 percent expansion.
Published on 2017-08-11