According to revised figures released on 18 May, first quarter GDP expanded 8.3% over the same period last year, which represents downward correction of 0.2 percentage point to the preliminary estimate released in April. The robust growth, despite finishing below the previous quarter's 12.0% expansion, underscores the health of the economy, as the moderation reflects the waning of a favourable base effect, with the recovery peaking at a stellar 19.4% expansion in the second quarter 2010. That said, the deceleration was mainly fuelled by developments on the domestic front, led by a 9.5% contraction in fixed investment (Q4 2010: +5.7% year-on-year) along with a 5.0% decline in government spending (Q4 2010: +11.3% yoy). In contrast, private consumption accelerated from a 4.3% expansion in the fourth quarter to a 5.0% increase. In the external sector, the net contribution to overall growth improved, as imports decelerated more markedly than exports. While imports moderated to a 5.6% expansion (Q4 2010: +12.8% yoy), exports slowed to a 8.4% increase (Q4 2010: +12.1 % yoy). At the sector level, the moderation was mainly the result of slower growth in the manufacturing sector, which slowed from growth of 25.5% in the fourth quarter to a 13.1% expansion. In addition, the services sector, which accounts for nearly two thirds of GDP, also slowed to a 7.3% increase (Q4 2010: +8.8% yoy). A quarter-on-quarter analysis does not point to a deceleration, as the economy grew 22.5% over the fourth quarter in seasonally adjusted annualised terms, well above the feeble 3.9% expansion tallied in the previous quarter. Against this backdrop, the Ministry of Trade and Industry (MTI) raised its growth forecast for this year to between 5% and 7%, up from the previous range of 4% to 6%.
Robust first quarter growth is confirmed
May 18, 2011
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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.