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. GDP Annual Growth Rate in Singapore averaged 6.52 percent from 1976 until 2019, reaching an all time high of 18.60 percent in the second quarter of 2010 and a record low of -7.70 percent in the first quarter of 2009.
GDP Annual Growth Rate in Singapore is expected to be 1.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Singapore to stand at 1.90 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 2.60 percent in 2020, according to our econometric models.