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Singapore Q4 GDP Contracts Less than Initially Anticipated
Singapore's economy shrank 2.4 percent from a year earlier in the last quarter of 2020, compared with a preliminary estimate of a 3.8 percent fall and a revised 5.4 percent decline in the prior period. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 3.8 percent, following the revised 9.0 percent expansion in the third quarter. For the whole of 2020, the Singapore economy contracted 5.4 percent, marking its worst ever recession, compared with the advance estimate of 5.8%.
Published on 2021-02-15

Singapore Economy Shrinks Less than Expected in Q4
Singapore's economy shrank 3.8 percent from a year earlier in the last quarter of 2020, compared with market consensus of a 4.5 percent fall and a revised 5.6 percent decline in the prior period, an advance estimate showed. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 2.1 percent, following the 9.5 percent expansion in the third quarter. For the whole of 2020, the Singapore economy contracted by 5.8 percent.
Published on 2021-01-04

Singapore Q3 GDP Contracts Less than Initially Anticipated
Singapore's economy shrank 5.8% yoy in Q3 2020, compared with a preliminary estimate of a 7% fall and a revised 13.3% plunge in Q2, while markets had expected a 5.4% drop. The improvement came on the back of the phased resumption of activities after the Circuit Breaker that was implemented from 7 April to 1 June. Construction output fell at a softer rate (-46.6% vs -60% in Q2), amid declines in both public sector and private sector construction works. Also, the service sector shrank less (-8.4% vs -13.4%), with transport, wholesale & retail trade, and food services contracting at slower paces. Meantime, the manufacturing sector grew 10%, a reversal from a 0.8% drop in Q2, due to output growth in the electronics, and biomedical. On a quarterly basis, the economy grew 9.2%, the most on record, after a 13.2% slump in Q2. The government now expects the economy to shrink by 6.5 to 6.0% in 2020, versus the prior estimate of -7 to -5%. The economy is expected to grow 4% to 6% next year.
Published on 2020-11-23

Singapore Q3 GDP Contracts Slightly More than Expected
Singapore's economy shrank 7 percent from a year earlier in the third quarter 2020, compared with market consensus of a 6.8 percent fall and a marginally revised 13.3 percent decline in the prior period, an advance estimate showed. The improved performance of the economy came on the back of the phased re-opening of the economy following the Circuit Breaker that was applied between 7 April and 1 June 2020. Construction activity tumbled 44.7 percent (vs -59.9 percent in Q2) as the sector needed to implement safety management measures for a safe restart. Also, the service sector shrank 8 percent (vs -13.6 percent), with transport and accommodation, wholesale trade, and retail and food services remaining weak. Meantime, the manufacturing sector grew by 2 percent, a reversal from the 0.8 percent drop in the prior quarter. On a quarterly basis, the economy expanded 7.9 percent, rebounding from the 13.2 percent contraction in the preceding quarter.
Published on 2020-10-14

Singapore GDP Plummets 13.2% YoY in Q2
Singapore's economy shrank 13.2% year-on-year in the second quarter of 2020, after a preliminary 12.6% decline in the prior period and compared to a 0.3% decline in the previous quarter, final data showed. This was the steepest contraction on record as the COVID-19 crisis took a huge toll on the economy. GDP is now expected to contract between 7% and 5% in 2020. Construction was the main drag, plummeting 59.3%, against a 1.2% growth in Q1, explained by a stoppage of most activities due to Circuit Breaker measures aimed to slow the spread of the virus. Manufacturing fell 0.7% (vs 7.9% growth). Also, steep declines were seen in accommodation & food services (-41.4% vs -23.8%); transportation & storage (-39.2% vs -7.7%); wholesale & retail trade (-8.2% vs -5.6%) and business services (-20.2% vs -3.4%). On a quarterly basis, the economy shrank 42.9%, the most on record compared to a 41.2% preliminary decline, after a 4.7% contraction in the March quarter.
Published on 2020-08-11

Singapore Q2 GDP Shrinks at Record Pace, Enters Recession
Singapore's economy shrank 12.6% year-on-year in the second quarter of 2020, after a downwardly revised 0.3% decline in the prior period, worse than market consensus of a 10.5% fall, an advance estimate showed. This was the steepest contraction on record as the COVID-19 crisis took a huge toll on the economy. Construction activity slumped (-54.7% vs -1.1% in Q1) due to a stoppage of most activities during the Circuit Breaker measures aimed to slow the spread of the virus. Also, the services sector tumbled (-13.6% vs -2.4%), dragged down by tourism-related industry, food services, retail, and business services. Additionally, manufacturing growth slowed sharply (2.5% vs 8.2%), mainly led by biomedical manufacturing. On a quarterly basis, the economy shrank 41.2%, the most on record, after a downwardly revised 3.3% contraction in the March quarter, as output plunged in construction (-95.6%), services (-37.7%), and manufacturing (-23.1%).
Published on 2020-07-14

Singapore GDP Shrinks Less than Expected
Singapore's economy shrank 0.7% year-on-year in the first quarter of 2020 (vs preliminary -2.2%), reversing the 1% growth in the prior period and compared with market expectations of a 1.5% fall. It was the first contraction since Q2 2009, amid the coronavirus pandemic, led by accommodation & food services (-23.8% vs 2.5% in Q4); transportation & storage (-8.1% vs 0.8%); wholesale & retail trade (-5.8% vs -1.9%); business services (-3.3% vs 1.7%) and construction (-4% vs 4.3%). In contrast, manufacturing output surprisingly expanded by 6.6%, reversing a 2.3% decrease in Q4, due to a surge in the production of active pharmaceutical ingredients and biological products. On a seasonally adjusted quarterly basis, the economy shrank 4.7%, the most since the Q3 2010, less than market expectations of a 7.4% decline and compared with a 0.6% growth in Q4. The coronavirus outbreak prompted authorities to downgrade their full-year GDP forecast range to -7% to -4% from previous -4% to -1%.
Published on 2020-05-26

Singapore Economy Contracts the Most in over a Decade
Singapore's economy shrank 2.2 percent year-on-year in the first quarter of 2020, reversing the 1.0 percent growth in the previous period and compared with market expectations of a 1.5 percent decline, preliminary data showed. It was the first contraction since the second quarter of 2009, amid the coronavirus pandemic as construction output (-4.3 percent vs 2.8 percent in Q4) and services (-3.1 percent vs 1.1 percent) shrank. Meanwhile, manufacturing output contracted 0.5 percent, less than a 1.4 percent decrease in the prior period. On a seasonally adjusted quarterly basis, the economy shrank 10.6 percent, The coronavirus outbreak prompted authorities to downgrade their full-year GDP forecast range to -4% to -1%.
Published on 2020-03-26

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