Singapore's economy unexpectedly advanced 0.2% yoy in Q1 2021, beating market consensus of a 0.2% contraction and after a 2.4% decline in Q4, advanced data showed. This was the first expansion in four quarters, as the economy gradually recovered from the COVID-19 disruption. Growth was mainly led by the manufacturing sector (7.5% vs 10.3% in Q4), supported by expansions in the electronics, precision engineering, chemicals, and biomedical clusters. In addition, the construction sector shrank less (-20.2% vs -27.4%), amid a pickup in public and private sector construction. Also, services activity contracted much slower (-1.2% vs -4.7%), on the back of continued falls in both wholesale & retail trade and accommodation & food services, real estate, and other services while information & communications, finance& insurance grew faster. On an annualized quarterly basis, the economy grew by 2% in Q1, the least in three quarters, after a 3.8 percent advance in Q4. source: Statistics Singapore
GDP Annual Growth Rate in Singapore averaged 6.17 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 April of 2021.
GDP Annual Growth Rate in Singapore is expected to be 6.10 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 3.50 in 12 months time. 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.