Singapore’s gross domestic product shrank 3.4 percent quarter-on-quarter in the three months to June 2019, after expanding 3.8 percent in the previous period and missing market expectations of a 0.1 percent expansion, advanced data showed. It was the sharpest contraction since the third quarter of 2012, as the services sector (-1.5 percent from 4.4 percent in Q1) and construction output (-7.6 percent from 13.3 percent) shrank. Meantime, the manufacturing sector contracted 6 percent, less than a 6.4 percent decline in the prior period. On an annual basis, the economy advanced 0.1 percent, the weakest growth rate since the second quarter of 2009, slowing from a downwardly revised 1.1 percent expansion in the first quarter of the year and well below market forecasts of a 1.1 percent rise. GDP Growth Rate in Singapore averaged 6.60 percent from 1975 until 2019, reaching an all time high of 27.20 percent in the second quarter of 2010 and a record low of -10.90 percent in the third quarter of 2010.
GDP Growth Rate in Singapore is expected to be 1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Singapore to stand at 1.00 in 12 months time. In the long-term, the Singapore GDP Growth Rate is projected to trend around 1.70 percent in 2020, according to our econometric models.