GDP Annual Growth Rate in Singapore averaged 6.42 percent from 1976 until 2020, 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. On a quarterly basis, the economy shrank 41.2%, the most on record, after a downwardly revised 3.3% contraction in the March quarter, as output plunged in construction (-95.6%), services (-37.7%), and manufacturing (-23.1%).Singapore's economy shrank 0.7% year-on-year in the first quarter of 2020 (vs preliminary -2.2%), reversing the 1% growth in the prior period and compared with market expectations of a 1.5% fall. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. Additionally, manufacturing growth slowed sharply (2.5% vs 8.2%), mainly led by biomedical manufacturing. Based on advance estimates1, the Singapore economy contracted by 12.6 per cent on a year-on-year basis in the second quarter of 2020, due to Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. GDP Annual Growth Rate in Singapore averaged 6.31 percent from 1976 until 2020, reaching an all time high of 18.60 percent in the second quarter of 2010 and a record low of -12.60 percent in the second quarter of 2020. For the whole of 2019, the Singapore economy grew by 0.7 percent, the slowest pace of expansion in a decade, affected by ongoing trade tension between the US and China as well as a cyclical global downturn in the electronics sector. Read Decade-low growth in 2019 clouds 2020 forecasts for Singapore GDP, Government & Economy - THE BUSINESS TIMES In Singapore, services are the biggest sector of the economy and account for 72 percent of GDP. Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. Economic Performance in First Quarter 2020 The Singapore economy contracted by 0.7 per cent on a year-on-year basis in the first quarter, a reversal from the 1.0 per cent growth in the previous quarter. 13 MAY 2020 People at MTI
Singapore GDP (Gross Domestic Product) was INT$494.04billion for 2019 in PPP terms. GDP Growth Rate in Singapore averaged 6.22 percent from 1975 until 2020, reaching an all time high of 27.20 percent in the second quarter of 2010 and a record low of -41.20 percent in the second quarter of 2020. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 0.1 percent, compared to an upwardly revised 2.4 percent expansion in the September quarter and missing estimates of a 0.4 percent growth. Meanwhile, manufacturing output contracted 0.5 percent, less than a 1.4 percent decrease in the prior period. 26 May 2020. Reference MTI Downgrades 2020 GDP Growth Forecast to "-4.0 to -1.0 Per Cent" 26 March 2020 . In contrast, manufacturing output fell further (-2.3% vs -0.7%). Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. NSA TEForecast Also, the services sector tumbled (-13.6% vs -2.4%), dragged down by tourism-related industry, food services, retail, and business services.
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's economy shrank 12.6% year-on-year in the second quarter of 2020, after a downwardly revised 0.3% decline in the prior period, worse than market consensus of a 10.5% fall, an advance estimate showed. It was the first contraction since the second quarter of 2009, amid the coronavirus pandemic as construction output (-4.3 percent vs 2.8 percent in Q4) and services (-3.1 percent vs 1.1 percent) shrank. 1 100 High Street, #09-01, The Treasury, Singapore 179434 T (65) 6225 9911 F (65) 6332 7260 www.mti.gov.sg PRESS RELEASE MTI Downgrades 2020 GDP Growth Forecast to “-0.5 to 1.5 Per Cent” 17 February 2020. Singapore's economy shrank 2.2 percent year-on-year in the first quarter of 2020, reversing the 1.0 percent growth in the previous period and compared with market expectations of a 1.5 percent decline, preliminary data showed.
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.