According to revised figures released by the Ministry of Trade and Industry (MTI) on 17 May, in the first quarter GDP expanded a robust seasonally adjusted annualised rate (saar) of 10.0% compared to the previous quarter. The figure was virtually unchanged from the 9.9% advance estimate and marked the fastest pace of growth seen in a year. The strong rebound in the first quarter was underpinned mostly by the manufacturing sector, which soared an annualised 19.8% over the previous quarter (Q4 2011: +7.6% qoq saar). Construction output also skyrocketed an annualised 32.1% in the first quarter, which was well above the paltry 2.6% increase witnessed in the previous three-month period. Finally, the services sector grew 4.0%, which was a tad below the 4.4% increase seen in the fourth quarter, mostly reflecting lower growth in wholesale and trade as well as in financial services. Compared to the same period the previous year, the economy increased 1.6%, which was well below the 4.9% expansion recorded in the previous quarter. The government expects the economy to grow between 1.0% and 3.0% this year.
Robust growth in Q1 confirmed
May 17, 2012
Looking for forecasts related to GDP in Singapore? Download a sample report now.
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.
Singapore Economic News
October 24, 2016
In September, consumer prices stayed flat compared to the previous month, following the 0.5% increase recorded in August.
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.