GDP per capita in Singapore
Singapore - GDP per capita (U.S. Dollars)
Year-on-year GDP growth accelerates in Q2
The economy expanded 4.8% year on year in the second quarter of 2022, accelerating from Q1’s 4.0% growth but below market expectations. Meanwhile, in seasonally-adjusted quarter-on-quarter terms, the economy recorded no growth in Q2, decelerating from the 0.9% expansion recorded in the prior quarter.
The acceleration in annual growth was broad based. Growth in the services sector came in at 4.7% year on year in Q2 (Q1: +4.3% yoy), with activity benefitting from the gradual loosening of Covid-19 restrictions since April. Meanwhile, growth in the construction sector sped up to 3.8% in Q2 from 1.8% in the prior quarter. Moreover, growth in the manufacturing sector picked up to 8.0% in Q2 from 7.9% in Q1.
Commenting on the outlook, Alvin Liew and Peter Chia, analysts at UOB, stated:
“There are several well-telegraphed external risks that have weakened Singapore’s outlook; 1) the on-going Russia-Ukraine conflict and its impact on commodity prices (and the resulting elevated inflation risks and [which can hurt] domestic demand), 2) global supply chain disruptions, 3) monetary policy tightening stance in the advanced economies, and 4) COVID-19 risks. […] We remain confident that Singapore will be well placed to transition into a COVID-19 endemic state and return closer to normalcy which will be positive for the services and construction sectors, while manufacturing continues to underpin growth outlook.”
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 - GDP per capita (USD) Data
|GDP per capita (USD)||55,615||56,788||60,722||65,953||65,390|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||1.74||1.39 %||Dec 31|
|Exchange Rate||1.34||-0.01 %||Jan 01|
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.
September 19, 2022
Non-oil domestic exports (NODX) soared 11.4% annually in August (July: +7.0% year-on-year).
September 16, 2022
Inflation came in at 7.0% in July, up from June’s 6.7%.
September 6, 2022
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing sector dipped in August, as did the electronics PMI. The manufacturing PMI clocked in at 50.0 in August, slightly down from the 50.1 reading in July and landing on the 50-point threshold that separates expansion from contraction in the sector.
August 18, 2022
Non-oil domestic exports (NODX) rose 7.0% over the same month of last year in July (June: +8.5% year-on-year).
August 4, 2022
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing sector dipped in July, as did the electronics PMI. However, both remained within expansionary terrain.