Singapore GDP

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Singapore: Economy rebounds notably in Q3 after significant upward revision

November 25, 2015

According to final data released by the Ministry of Trade and Industry on 25 November, in Q3 the economy grew a revised 1.9% over the previous quarter at a seasonally adjusted annualized rate (SAAR) (previously reported: +0.1% SAAR). The reading contrasted the 2.6% fall recorded in Q2 and significantly overshot the flat growth the markets had expected.

The quarterly expansion in Q3 was mainly the result of quarter-on-quarter SAAR improvements in services and manufacturing, which more than offset a deterioration in construction. Manufacturing fell 4.6% in Q3, which was a partial recovery from Q2’s 17.3% decline. In addition, service rose 3.5% in Q3 (Q2: -0.2% qoq SAAR). However, construction swung from a 13.4% increase in Q2 to a 1.6% fall in Q3.

In year-on-year terms, GDP expanded 1.9%, which was down from the 2.0% growth recorded in Q2 and marked the lowest reading since Q3 2012.

The Monetary Authority of Singapore expects GDP to grow at a rate of between 2.0% and 2.5% 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 Q3 2015 0

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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