Singapore’s gross domestic product expanded by 2.1 percent on quarter in the last three months of 2020, following a 9.2 percent growth in the previous period, the flash estimate showed. Compared to the same quarter in 2019, the economy shrank 3.8 percent, after a 5.6 percent contraction in the last quarter of 2018. For the full year, the economy contracted 5.8%. source: Statistics Singapore

GDP Growth Rate in Singapore averaged 1.52 percent from 1975 until 2020, reaching an all time high of 9.20 percent in the third quarter of 2020 and a record low of -13.20 percent in the second quarter of 2020. This page provides - Singapore GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.

GDP Growth Rate in Singapore is expected to be 5.00 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 3.00 in 12 months time. In the long-term, the Singapore GDP Growth Rate is projected to trend around 2.00 percent in 2022, according to our econometric models.

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Singapore GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.10 9.20 9.20 -13.20 1975 - 2020 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2020-08-11 12:00 AM QoQ Final Q2 -42.9% -4.7% -42.9% -41.2%
2020-10-14 12:00 AM QoQ Adv Q3 7.9% -13.2% 35.3% 33%
2020-11-23 12:00 AM QoQ Final Q3 9.2% -13.2% 7.9% 7.9%
2021-01-04 12:00 AM QoQ Adv Q4 2.1% 9.5% 6.5%
2021-02-25 12:00 AM QoQ Final Q4 9.2% 2.1%
2021-04-14 12:00 AM QoQ Adv Q1
2021-05-26 12:00 AM QoQ Final Q1
2021-07-14 12:00 AM QoQ Adv Q2

News Stream
Singapore Downgrades 2020 GDP Outlook
Singapore cut its 2020 gross domestic product forecast for the third time on Tuesday, after its economy contracted in the first quarter of 2020. Singapore's economy is now expected to contract by between 4 percent and 7 percent, according to the Ministry of Trade and Industry. Singapore’s gross domestic product shrank 4.7 percent quarter-on-quarter in the three months to March of 2020, the most since the third quarter of 2010, after expanding 0.6 percent in the previous period and compared with a preliminary estimate of a 10.6 percent decline.
Singapore Economy Expands 1% in Q4
The Singaporean economy advanced 1% yoy in Q4 2019, compared to the advance estimate of a 0.8% growth and after a 0.7% expansion in Q3. This was the highest growth rate since Q1 2019, led by construction sector (4.3% vs 3.1 in Q3), transportation & storage (0.8% vs flat reading), accommodation & food services (2.5% vs 1.9%), information & communications (4.5% vs 4.4%), finance & insurance (4% vs 4.1%) business services (1.7% vs 1.1%) and other services (3.3% vs 2.4%). In contrast, manufacturing output fell further (-2.3% vs -0.7%). For the whole of 2019, the Singapore economy expanded by 0.7%, slower than the 3.4% growth recorded in 2018. For 2020, the government lowered economic growth forecast to -0.5 to 1.5%, opening up the possibility of a recession this year, on the back of the ongoing coronavirus outbreak. On an annualised quarterly basis, the economy grew 0.6%, after a downwardly revised 2.2% growth.

Singapore GDP Growth Rate
Since gaining independence in 1963, Singaporean economy has been growing rapidly and as a result the country has now one of the highest GDP per capita in the world. The economy depends heavily on foreign trade; both from port activities and from exports of electronic components and refined oil. The country is a leading foreign direct investment recipient due to its status of one of the freest, most competitive and most business-friendly economies in the world. Singapore is also an important financial center.