Consumption in Singapore

Singapore Consumption | Economic News & Forecasts

Singapore - Consumption

GDP rebounds in quarter-on-quarter terms in Q3

The economy expanded 1.5% in seasonally adjusted quarter-on-quarter terms in Q3, bouncing back from the 0.2% contraction recorded in the prior quarter and beating market expectations. Meanwhile, the economy expanded 4.4% year on year in the third quarter, decelerating from Q2’s 4.5% growth.

This rebound in qoq growth was led by turnarounds in the construction and services sectors. Output in the services sector expanded 2.5% in Q3 (Q2: -0.2% qoq), with activity benefitting from the further loosening of Covid-19 restrictions at home and abroad. This was reflected in the gains recorded in the retail trade and transportation sectors. Meanwhile, growth in the construction sector sped up to 3.9% in Q3 from 1.5% in the prior quarter, underpinned by the easing of border restrictions on the inflow of migrant workers. On the flip side, production in the manufacturing sector contracted 3.3% in Q3, swinging from a 0.4% increase in Q2, seemingly due to the impact of high production costs amid a challenging geopolitical backdrop.

Commenting on the outlook, analysts at UOB stated:

“With the external environment under significant challenges due to the Russia-Ukraine conflict, ongoing policy tightening by major central banks and risks of recession in advanced economies, domestic services sector will play an increasingly important role in the quarters ahead.”

FocusEconomics Consensus Forecast panelists see the economy expanding 4.1% in 2022, which is up 0.1 percentage points from the previous month’s forecast, and growing 3.3% in 2023.

Singapore - Consumption Data

2015   2016   2017   2018   2019  
Consumption (annual variation in %)5.2  3.2  3.1  4.2  3.7  

Sample Report

5 years of economic forecasts for more than 30 economic indicators.


Singapore Facts

Value Change Date
Bond Yield1.741.39 %Dec 31
Exchange Rate1.34-0.01 %Jan 01

Sample Report

Get a sample report showing our regional, country and commodities data and analysis.


Request a Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Economic News

Search form