Singapore GDP

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Singapore: Economic growth slows in Q1 2015

April 15, 2015

According to an advanced estimate released by the Ministry of Trade and Industry on 14 April, in Q1 2015 the economy expanded 1.1% over the previous quarter at a seasonally adjusted annualized rate (SAAR). The reading was below the 4.9% expansion recorded in Q4 2014 and marked the lowest growth rate in three quarters, yet it still beat the 0.5% growth the markets had expected. In year-on-year terms, GDP expanded 2.1%, inching down from the 2.2% recorded in Q4 2014. The reading was the lowest in two and a half years.

The quarterly slowdown in Q1 2015 came on the back of a 0.4% contraction in services, which contrasted the 7.8% growth recorded in Q4 2014. Conversely, improvements were recorded in the manufacturing and construction sectors. Manufacturing fell by 2.3% in Q1 2015, inching up from the 2.5% drop recorded in Q4 2014, while the construction sector accelerated strongly from 2.2% growth in Q4 2014 to a 13.8% expansion in Q1 2015.

The Monetary Authority of Singapore expects GDP to grow at a rate of between 2.0% and 4.0% in 2015. FocusEconomics Consensus Forecast panelists project that the economy will expand 3.0% in 2015, which is unchanged from last month’s forecast. For 2016, the panel expects growth to accelerate to 3.3%.


Author:, Economist

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Singapore GDP Q1 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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