Singapore GDP Q4 2015


Singapore: Economy records strongest performance in two years

January 4, 2016

According to advanced estimates released by the Ministry of Trade and Industry on 4 January, in Q4 the economy grew 5.7% over the previous quarter at a seasonally adjusted annualized rate (SAAR), which marked the strongest performance in two years. The reading was above the 1.7% rise recorded in Q3 and significantly overshot the 1.7% growth the markets had expected.

The quarterly expansion in Q4 was the result of quarter-on-quarter SAAR improvements in all sectors of the economy, with the construction sector recording the most notable rebound. Construction swung from a 4.9% fall in Q3 to a 7.0% rise in Q4. Manufacturing fell 3.1% in Q4, which was a partial recovery from Q3’s 3.5% decline. Finally, services rose 6.5% in Q4 (Q3: 2.9% qoq SAAR).

In year-on-year terms, GDP expanded 2.0% in Q4, which was up from the 1.8% growth recorded in Q3. Overall, Singapore’s economy grew by 2.1% in 2015, which was lower than 2014’s 2.9% rise and marked the softest reading since 2009.

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 3.0% in 2016, which is unchanged from last month’s forecast. For 2017, the panel expects growth to accelerate to 3.3%.

Author:, Economist

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Singapore GDP Chart

Singapore GDP Q4 2015

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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