Singapore's economy expanded 6.5% yoy in Q3 2021, compared with market consensus of a 6.6% growth and slowing from an upwardly revised 15.2% jump in Q1, an advance estimate showed. Still, this was the third straight quarter of growth, amid a sustained economic recovery in the wake of COVID-19 disruptions. The manufacturing sector grew at a softer rate (7.5% vs 18% in Q1), with output continuing to grow in most clusters except for chemicals. Also, construction activity slowed(57.9% vs 117.5%), on low base effects and labor shortages due to border restrictions. In contrast, services output gained 0.5%, rebounding from a 0.3% drop in Q1, boosted by a rebound in accommodation & food services and a further rise in information & communication, finance & insurance. On a quarterly basis, the economy advanced 0.8%, after a downwardly revised 1.4% contraction in Q1. source: Statistics Singapore

GDP Annual Growth Rate in Singapore averaged 6.22 percent from 1976 until 2021, 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 October of 2021.

GDP Annual Growth Rate in Singapore is expected to be 4.50 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 2022, according to our econometric models.

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Singapore GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-05-25 12:00 AM YoY Final Q1 1.3% -2.4% 0.9% 0.8%
2021-07-14 12:00 AM YoY Adv Q2 14.3% 1.3% 14.2% 18%
2021-08-11 12:00 AM YoY Final Q2 14.7% 1.5% 14.2% 14.3%
2021-10-14 12:00 AM YoY Adv Q3 6.5% 15.2% 6.6% 7%
2021-11-25 12:00 AM YoY Final Q3 14.7%


News Stream
Singapore Q3 GDP Growth Moderates
Singapore's economy expanded 6.5% yoy in Q3 2021, compared with market consensus of a 6.6% growth and slowing from an upwardly revised 15.2% jump in Q1, an advance estimate showed. Still, this was the third straight quarter of growth, amid a sustained economic recovery in the wake of COVID-19 disruptions. The manufacturing sector grew at a softer rate (7.5% vs 18% in Q1), with output continuing to grow in most clusters except for chemicals. Also, construction activity slowed(57.9% vs 117.5%), on low base effects and labor shortages due to border restrictions. In contrast, services output gained 0.5%, rebounding from a 0.3% drop in Q1, boosted by a rebound in accommodation & food services and a further rise in information & communication, finance & insurance. On a quarterly basis, the economy advanced 0.8%, after a downwardly revised 1.4% contraction in Q1.
2021-10-14
Singapore Q2 GDP Growth Revised Upward
Singapore's economy expanded 14.7% yoy in Q2 2021, compared with an advance estimate of a 14.2% growth and a final 1.5% gain in Q1. The strong growth rate was due to the low base effect from last year when Circuit Breaker measures launched. The manufacturing sector picked up (21.9% vs 6% in Q1), boosted by output expansions in all clusters. Also, construction output rebounded very strongly (106.2% vs -23.2%), as both public and private sector construction works grew. In addition, services activity rose 10.3% after falling 0.3%, amid a turnaround in transportation, food services, and real estate; and a pickup in retail trade. On a quarterly basis, the economy shrank 1.8%, after a 3.3% growth in Q1. The government upgraded the GDP growth forecast for 2021 to 6 to 7% from 4 to 6%, amid a stabilization in local COVID-19 cases and progress in vaccinations at home and abroad.
2021-08-11
Singapore Q2 GDP Annual Growth Strongest in 11 Years
Singapore's economy expanded 14.3% yoy in Q2 2021, compared with market consensus of 14.2% and after a final 1.3% in Q1, an advance estimate showed. This was the highest growth rate since Q2 2010, boosted by an acceleration in COVID-19 vaccinations. The manufacturing sector grew faster (18.5% vs 11.3% in Q1), buoyed by output expansions in all clusters except for the biomedical manufacturing cluster. In addition, the construction sector rebounded very strongly (98.8% vs -23.1%), amid a low base effect from last year's coronavirus-induced plunge. Also, services activity rose 9.8% after falling 0.5% in Q1, amid a turnaround in both the retail and transportation, and accommodation & food services, real estate, and a steeper rise in information, finance & insurance. On a quarterly basis, the economy shrank 2.0% in Q2, swinging from a 3.1% growth in Q1. The government expects the GDP to grow between 4 to 6% this year following its worst recession last year.
2021-07-14
Singapore Q1 GDP Revised Strongly Higher
Singapore's economy expanded 1.3% yoy in Q1 2021, compared with an advance estimate of a 0.2% growth and a final 2.4% contraction in Q4. This was the highest GDP reading since Q4 2018, amid further progress in the domestic COVID-19 vaccination drive. The manufacturing sector grew stronger than initially thought (10.7% vs 10.3% in Q4), boosted by rises in the electronics, precision engineering, chemicals, and biomedical clusters. At the same time, the construction sector shrank less (-22.7% vs -27.4%), amid falls in both public and private construction works. Also, services activity fell much slower (-0.5% vs -4.7%), due to slower drops in food & beverage services, real estate, and transportation & storage; and an expansion in wholesale trade, and information & communication. On a quarterly basis, the economy grew 3.1%, the least in three quarters. For 2021, Singapore maintains the GDP growth forecast at 4 to 6%, citing the larger-than-usual degree of uncertainty due to the pandemic.
2021-05-25

Singapore GDP Annual Growth Rate
In Singapore, services are the biggest sector of the economy and account for 72 percent of GDP. Within services the most important segments are: wholesale and retail trade (18 percent of total GDP); business services (16 percent); finance and insurance (13 percent), transport and storage (10 percent) and information and communications (5 percent). Industry contributes the remaining 28 percent total output. Manufacturing (21 percent) and construction (5 percent) are the most important industry segments.

Singapore Last Unit Reference Previous Highest Lowest
GDP Growth Rate 0.80 percent Sep/21 -1.80 9.00 -13.20
GDP Annual Growth Rate 6.50 percent Sep/21 15.20 18.60 -13.30
GDP Constant Prices 119031.00 SGD Million Jun/21 121078.70 121078.70 7540.50
Gross National Product 411756.60 SGD Million Dec/20 460724.70 460724.70 2195.90
Gross Fixed Capital Formation 27871.50 SGD Million Jun/21 27938.60 31268.60 1971.60
Gdp Growth Annualized -7.70 percent Jun/21 2.00 35.40 -43.30
GDP From Manufacturing 27381.00 SGD Million Jun/21 27913.70 27913.70 1432.90
GDP From Construction 3469.20 SGD Million Jun/21 3778.70 5248.80 543.20
GDP From Utilities 1464.50 SGD Million Jun/21 1477.30 1506.60 140.70
GDP From Transport 6114.30 SGD Million Jun/21 6218.10 8140.80 537.70
GDP From Services 17015.60 SGD Million Jun/21 16933.80 17325.50 1096.20
GDP From Mining 66551.90 SGD Million Jun/20 74819.60 77466.90 4232.00