Singapore GDP


Singapore: Economy slows in Q4 on manufacturing slump

January 2, 2015

According to advanced estimates, in the fourth quarter of 2014, the economy expanded 1.6% over the previous quarter at a seasonally adjusted annualized rate (SAAR). The reading came in well below the 3.1% expansion recorded in the previous quarter and the 3.0% rise that the markets had expected. In annual terms, GDP expanded 1.5% in Q4, which was also markedly below the 2.8% tallied in Q3.

Q4’s weak growth came on the back of a sharp decline in manufacturing, which swung from a 3.0% expansion in Q3 to a 5.8% contraction in Q4. Conversely, both services and construction sectors exhibited better performance in Q4 compared to Q3. More detailed data will be released on February 25, 2015.

FocusEconomics Consensus Forecast panelists project that the economy will increase 3.1% in 2015, which is unchanged from last month’s forecast. For 2016, the panel expects growth to accelerate to 3.4%.

Author:, Economist

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Singapore GDP Chart

Singapore GDP Q4 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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