Singapore GDP Q1 2016


Economic growth slows down considerably in Q1 2016

According to new estimates released by the Ministry of Trade and Industry on 25 May, in Q1, the economy grew 0.2% over the previous quarter at a seasonally adjusted annualized rate (previously reported: 0.0% quarter-on-quarter SAAR), which marked the weakest performance in three quarters. The reading was notably below the 6.2% rise recorded in Q4 and overshot the flat result the markets had expected.

The overall result was considerably influenced by the particularly bad result registered in the important services sector, which, weighed down by especially negative performance in the financial services and wholesale segments, dropped 5.9%, starkly contrasting Q4’s 7.7% expansion. On the upside, the construction and manufacturing sectors recorded double-digit growth rates. Construction accelerated from a strong 6.0% rise in Q4 to a stronger 10.5% expansion in Q1, whereas manufacturing rebounded from the 4.9% fall in Q4 and grew a strong 23.3%.

In year-on-year terms, GDP expanded 1.8% in Q1, which was in line with the 1.8% growth recorded in Q4.

The Monetary Authority of Singapore expects GDP to grow at a rate of between 1.0% and 3.0% in 2016. FocusEconomics Consensus Forecast panelists project that the economy will expand 1.8% in 2016, which is unchanged from last month’s forecast. For 2017, the panel expects growth to accelerate to 2.2%.

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Singapore GDP Chart

Singapore GDP Q1 2016

Note: Quarter-on-quarter changes of seasonally adjusted annualized GDP and year-on-year variation in %.
Source: Ministry of Trade and Industry (MTI) and FocusEconomics Consensus Forecast.

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