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.