Singapore GDP


Singapore: Economy slows in Q1

May 23, 2014

According to detailed data, in the first quarter, the economy expanded 2.3% over the previous quarter at a seasonally adjusted annualized rate (SAAR). The reading came in well below the 6.1% expansion recorded in the previous quarter. However, it overshot both the 0.1% expansion reported in the preliminary estimate and the 1.2% increase the market had expected. In annual terms, GDP expanded 4.9%, which mirrored the result tallied in the previous quarter (previously reported: +5.1% year-on-year).

Q1’s upward revision came on the back of improving manufacturing, which accelerated slightly from a 10.4% increase in the fourth quarter to an 11.9% rise in the first quarter (previously reported: +4.5% quarter-on-quarter SAAR). Conversely, data showed a deceleration in construction (Q1: +0.6% qoq SAAR; Q4: +10.6% qoq SAAR) as well as in services (Q1: +0.4% qoq SAAR; Q4: +7.1% qoq SAAR).

The Monetary Authority of Singapore expects GDP to grow between 2.5% and 3.5% in 2014. FocusEconomics Consensus Forecast panelists project that the economy will increase 3.8% in 2014, which is unchanged from last month’s forecast. For 2015, the panel expects growth to accelerate to 3.9%.

Author:, Senior Economist

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Singapore GDP Chart

Singapore GDP Q1 2014 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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