Singapore GDP Q4 2017

Singapore

Singapore: Revised estimates confirm economic growth decelerated in Q4

February 15, 2018

Restrained by a contraction in the manufacturing sector, economic growth decelerated in the fourth quarter, according to revised estimates released by the Ministry of Trade and Industry on 14 February. GDP grew 2.8% quarter-on-quarter in Q4 at a seasonally-adjusted annualized rate (SAAR), confirming the preliminary estimate. It was down sharply from Q3’s 11.2% jump.

The slowdown was led by a downturn in the volatile manufacturing sector. Manufacturing plunged 14.8% qoq SAAR, although the reading suffered from a strong base, as the manufacturing sector surged 34.9% in Q3. On the other hand, the services sector, which accounts for about two-thirds of the economy, expanded a strong 6.3% qoq SAAR in the fourth quarter of the year, nearly matching the previous quarter’s 6.5% growth. Lastly, the contraction in the construction sector eased further, from -2.4% in Q3 to -0.2% in Q4.

In year-on-year terms, GDP expanded a revised 3.6% in Q4 (previously reported: +3.1% year-on-year), losing steam from Q3 (+5.5% yoy). This brought growth for 2017 to 3.6%, well above the 2.4% expansion recorded in 2016. In Q4, annual growth came on the back of a 4.8% expansion in the manufacturing sector (Q3: +19.1% yoy), led by growth in the electronics and precision engineering clusters, which offset contractions in the biomedical manufacturing and transport engineering clusters. Growth in the service sector remained solid, matching the previous quarter’s 3.5% increase. On the downside, the construction sector shrank for a fourth consecutive quarter in Q4; the contraction was, however, softer than in the previous quarter.

Singapore GDP Forecast


FocusEconomics Consensus Forecast panelists project that the economy will expand 2.8% in 2018, which is unchanged from last month’s forecast. For 2019, the panel expects growth will decelerate marginally, to 2.6%.


Author: Massimo Bassetti, Senior Economist

Sample Report

Looking for forecasts related to GDP in Singapore? Download a sample report now.

Download

Singapore GDP Chart


Singapore GDP Q4  2017 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.


Singapore Economic News

  • Singapore: Manufacturing and electronics PMIs inch lower in May

    June 3, 2021

    The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for both the manufacturing and electronics sectors fell in May but nevertheless remained within expansionary territory as the two sectors continue to gradually recover from last year’s pandemic-induced downturn. The manufacturing PMI dipped slightly to 50.7 in May from 50.9 in April—which had marked the highest reading in 28 months—thus moving closer to the 50-point threshold that separates expansion from contraction in the sector and marking the eleventh consecutive month of expansion in the manufacturing sector.

    Read more

  • Singapore: Revised estimate reveals upgraded GDP growth for Q1

    May 25, 2021

    Singapore’s economy grew more than initially expected in Q1, according to new figures released on 25 May, as activity continued to recover from the inhibiting effects of the coronavirus pandemic.

    Read more

  • Singapore: Inflation comes in at highest level since May 2014 in April

    May 24, 2021

    Consumer prices dropped 0.17% from the previous month in April, contrasting March's 0.22% rise.

    Read more

  • Singapore: Non-oil exports slow markedly in April

    May 17, 2021

    Non-oil domestic exports (NODX) grew 6.0% year-on-year in April, slowing from March’s 11.9% increase.

    Read more

  • Singapore: Manufacturing and electronics PMIs both rise in April

    May 3, 2021

    The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for both the manufacturing and electronics sectors rose in April, and thus moved further into expansionary territory as the two sectors continued to gradually recover after falling to the lowest levels in over a decade in April 2020 due to the coronavirus pandemic. The manufacturing PMI rose slightly to 50.9 in April—the highest reading in 28 months—from 50.8 in March, thus moving further above the 50-point threshold that separates expansion from contraction in the sector and marking the tenth consecutive month of expansion in the manufacturing sector.

    Read more

More news

Search form