Singapore GDP


Economy expands robustly in the second quarter

In the second quarter, GDP increased at a seasonally adjusted annualized rate (SAAR) of 15.5% over the first quarter, according to more detailed figures released on 12 August. The figure was revised up slightly from the advance estimate of a 15.2% expansion and overshot market expectations of a 14.2% increase. GDP grew 3.8% compared to the same quarter last year (previously reported:+3.7% year-on-year), coming in well above the 0.2% expansion seen in the first quarter.

Revised figures showed that manufacturing output increased a substantial 32.1% in Q2 (previously reported: +37.6% quarter-on-quarter SAAR), which contrasted the 12.1% contraction observed in Q1. The construction sector expanded by 11.2% in Q2 (previously reported: +9.0% qoq SAAR), which was above the 10.3% rise in the first quarter. Moreover, output in the services sector grew 11.5% in Q2 (previously reported: +9.0% qoq SAAR), which was above the 7.8% increase tallied in the previous quarter.

The government expects GDP to grow between 2.5% and 3.5% this year. FocusEconomics Consensus Forecast panellists project the economy to increase 2.4% in 2013, which is unchanged from last month's forecast. For 2014, the panel expects growth to accelerate to 4.0%.

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Singapore GDP Chart

Singapore GDP Q2 2013

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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