Singapore GDP


Singapore: Economy contracts in Q2; records lowest performance in almost three years

July 14, 2015

According to an advanced estimate released by the Ministry of Trade and Industry on 14 July, in Q2, the economy contracted 4.6% over the previous quarter at a seasonally adjusted annualized rate (SAAR). The reading contrasted the 4.2% expansion recorded in Q1 and marked the largest contraction since Q3 2012. It also significantly undershot the 1.5% decline the markets had expected. In year-on-year terms, GDP expanded 1.7%, which was notably down from the 2.8% recorded in Q1 2015 and marked the lowest reading since Q3 2012 as well.

The quarterly fall in Q2 was the result of quarter-on-quarter SAAR contractions in every sectors of the economy. Manufacturing slumped by 14.0%, which contrasted the 0.4% increase recorded in Q1. In addition, services sector fell 2.6% in Q2 (Q1: +3.8% qoq SAAR) and construction recorded a slight contraction of 0.2% as well (Q1: +8.3% qoq SAAR).

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 Chart

Singapore GDP Q2 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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