GDP in Singapore
Singapore - GDP
Singapore’s gross domestic product (GDP) is the most important measure to evaluate the performance of Singapore’s economy (Economic Growth, GDP). The Singapore Department of Statistics publishes GDP figures on a quarterly basis (GDP News). The table below shows the change of price-adjusted GDP for Singapore, typically referred to as Singapore’s economic growth rate. A more complete assessment of Singapore’s GDP can be found below.
Singapore - GDP Data
|Economic Growth (GDP, annual variation in %)||3.0||3.2||4.3||3.4||0.7|
5 years of economic forecasts for more than 30 economic indicators.
Singapore GDP Chart
Source: Singapore Ministry of Trade and Industry.
OverviewGross domestic product (GDP) measures the economic performance of a country over a given period, typically a year or a quarter. It is therefore the most important economic indicator to evaluate the country’s economy (see our GDP page for more information on this indicator).
Singapore’s GDP data (National Accounts, NA) are produced by Singapore Department of Statistics (DOS) based on the System of National Accounts (SNA2008).
Singapore GDP Growth Performance
In the 10 years before the great recession, from 1999 to 2007, Singapore’s GDP grew 6.0% on average. Singapore’s economy plummeted 0.6% in 2008; however, it managed to recover in 2010 and grew an impressive 15.2%. Since then, the economy has been on a sustainable growth track. Singapore’s GDP grew 4.1% on average between 2011 and 2013.
Structure of Singapore’s Gross Domestic Product
Singapore’s economy has benefited from a high inflow of Foreign Direct Investment (FDI) due to its attractive investment environment. Singapore’s strong economic success reflects its outward-oriented development strategy. The economy is highly dependent on exports, particularly in electronics and chemicals. Singapore relies on entrepôt trade. Thus, it imports raw goods and refines them for re-export. Some of the most important industries are water fabrication and oil refining.
The composition of Singapore’s exports has changed over the years from labor-intense goods to high-value-added products. The impact of services in the economy has grown lately. Services account for around 75% of total GDP. The most important contributors to the services sector are banking and financial services, retail and transportation, among others. Manufacturing accounts for almost a quarter of total GDP and the industry is led by electronics, chemicals and biotechnology industries.
When are Singapore’s GDP Data Released?
The Singapore Department of Statistics publishes GDP data on a quarterly basis. Two public releases are made for each reference quarter: the Advance Estimate and the Preliminary Estimate. The Advance Estimate is released no later than two weeks after the end of the reference quarter, while the Preliminary Estimate is made available to the public no later than eight weeks after the end of the reference quarter. The Preliminary Estimate is published in the Economic Survey of Singapore (ESS). The Economic Survey for the fourth quarter contains GDP data for the reference year. The press release of ESS is available on the website of Ministry of Trade and Industry, the Singapore Department of Statistics and the Singapore Press Centre.
A half-yearly-ahead advance release calendar is published on the Statistics Singapore website. The calendar is updated one week prior to the data release to show the precise release dates.
How are Singapore GDP figures computed?
The Advance Estimate publishes GDP figures calculated only with the production approach at constant 2010 prices. On the other hand, the Preliminary Estimate publishes GDP at current and constant prices calculated with the production approach, as well as expenditure-based GDP figures at constant 2010 prices.
The Singapore Department of Statistics adopts the year-on-year growth rates as its primary measure when it presents the GDP figures. However, the office also compiles and presents supplementary information on the quarter-on-quarter (qoq) growth rates and seasonally adjusted annualized rate (SAAR).
The production approach sums the gross value of output of various economic sectors net of the intermediate consumption—cost of goods and services used to produce the final output. The breakdown by the production approach shows output estimates for economic sectors such as manufacturing, construction, utilities, transportation and storage, finance and insurance, among others. The expenditure approach calculates GDP through the demand side. It estimates total production by calculating total expenditure of money. The breakdown by expenditure shows estimates for private consumption expenditure, government expenditure, gross fixed capital formation, changes in inventories and net exports of goods and services.
How Accurate are Singapore GDP Numbers?
The Advance Estimate includes GDP estimates that are largely computed from data for the first two months of the quarter. More comprehensive and detailed data are published in the Preliminary Estimate. When the Singapore DOS publishes the preliminary or advance estimates of quarterly GDP, it also revises the data from the previous quarter of the current year. Revisions of the annual GDP data are incorporated into the release of the fourth quarter EES each year. In addition, the office rebases the GDP data every few years.
Methodological changes are announced in advance in the Statistics Singapore Newsletter (SSN), which can be found on the DOS website.
Why are Singapore’s GDP Data Important?
The Advance and Preliminary Estimates are made available to the Ministry of Trade and Industry for preparation of the press release 4 days and 10 days prior to public release, respectively. Key GDP aggregates are also made available to the ministry 3−5 days before release for preparation of revenue estimates for the government budget. The quarterly and annual ESS, contains policy statements that are important to provide an in-depth view on the state of Singapore’s economy. Singapore is one of the region’s most important economies; therefore, Singapore’s GDP growth data have a notable impact in the market and are closely watched.
Where Can I Get Forecasts for Singapore’s GDP?
Forecasts for Singapore’s GDP growth are elaborated by many sources. The government, banks, consultancies, and think tanks watch Singapore’s economy closely and regularly update their projections for Singapore GDP growth. FocusEconomics collects more than 20 different forecasts on Singapore’s GDP and provides an average (Consensus Forecast) from the economists surveyed. Together with the minimum and the maximum projections for Singapore’s GDP growth, you get a comprehensive overview on Singapore’s future GDP growth projections.
Forecasts for Singapore’s GDP growth are included in the monthly FocusEconomics Consensus Forecast for Singapore and the monthly FocusEconomics Consensus Forecast for Asia. All reports are available both on an ad-hoc basis and via an annual subscription (including optional Excel support). Download a free sample or purchase the report directly via our Online Store. The report is immediately available after the purchase.
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November 7, 2022
Inflation came in at 7.5% in September, matching August’s figure, which had marked the highest inflation rate since June 2008.
October 20, 2022
Non-oil domestic exports (NODX) rose 3.1% on an annual basis in September, on the heels of August’s 11.4% jump.
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