In the second quarter, GDP decreased a seasonally-adjusted annualized rate (saar) of 0.7% over the previous quarter, according to revised figures released on 10 August. The figure was revised up from the advanced estimate of a 1.1% drop and contrasted the revised 9.5% expansion seen in the first quarter (previously reported: +9.4% qoq saar). Compared to the same quarter last year, GDP grew 2.0% (previously reported: +1.9% year-on-year), which came in above the 1.5% increase seen in the first quarter. Revised figures showed that manufacturing output contracted 0.5% in the second quarter, which represents an improvement over the 6.0% contraction reported in the advanced estimate, but contrasts the 2.9% expansion seen in the first quarter. Growth in construction was also revised up to a 0.9% increase, which came in above the 0.3% expansion reported earlier (Q1: +2.9% qoq saar). In contrast, output in the services sector was revised down from the advanced estimate of a 0.4% annualized expansion to a 0.6% contraction (Q1: +2.9% qoq saar).
Second quarter GDP revised up a notch
August 10, 2012
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Singapore GDP Chart
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.