GDP per capita in Singapore
Singapore - GDP per capita (U.S. Dollars)
Economic growth slows in Q3
The economy expanded 6.5% year-on-year in the third quarter according to an advanced estimate, slowing notably from Q2’s 15.2% growth which had marked the fastest expansion since Q2 2010. Meanwhile, in seasonally-adjusted quarter-on-quarter terms, the economy grew 0.8% in Q3, rebounding from the 1.4% contraction recorded in the prior quarter.
The slowdown in annual growth was broad-based. Growth in the services sector almost halved, clocking in at 5.5% year-on-year in Q3 (Q2: +10.8% yoy), while growth in the manufacturing sector fell even further, slowing to 7.5% in Q3 from 18.0% in the prior quarter. Moreover, construction sector activity also slowed, with growth coming in at 57.9% in Q3 (Q2: +117.5% yoy). While robust demand for electronics and semiconductor products supported the overall reading, it was once again inflated by a supportive base effect: Q3 2020 saw a large contraction in activity as a result of the coronavirus pandemic, particularly within the services sector.
The outlook for Q4 2021 and into 2022 appears positive, although most panelists see growth slowing from Q3’s solid outturn. While the easing of entry restrictions for fully vaccinated visitors and the region-leading vaccination drive are likely to support activity going forward, external headwinds and uncertainty regarding the full extent of the expected recovery in demand remain key risks to the outlook.
Irvin Seah, economist at DBS Bank, is optimistic regarding the outlook, commenting:
“A high level of vaccination rate will make for a safe reopening of the economy and allow economic activities (including travel) to resume to normalcy. Progress in this regard has been encouraging. Barring the risks on the efficacy of existing vaccines being weakened as a result of virus mutations or waning antibody levels, the reopening of the economy is expected to provide renewed impetus to growth over the next 12 months. While economic normalisation remains at work and recovery momentum is expected to slow, Q3 2021 GDP growth has surprised mildly on the upside. Furthermore, the GDP growth figure for Q2 2021 has been revised up. Taking all these into account, we have raised full year GDP growth to 6.7%, up from 6.3% previously.”
FocusEconomics Consensus Forecast panelists see the economy expanding 6.4% in 2021, which is up 0.1 percentage points from the previous month’s forecast, before growing 4.1% in 2022.
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|
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November 5, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both remained in expansionary terrain in October as they continued to recover well from the pandemic’s negative impact.
October 25, 2021
Consumer prices rose 0.42% in September over the previous month, moderating from August's 0.55% rise.
October 18, 2021
Non-oil domestic exports (NODX) grew 12.3% year-on-year in September, accelerating significantly from August’s 2.7% increase.
October 14, 2021
The economy expanded 6.5% year-on-year in the third quarter according to an advanced estimate, slowing notably from Q2’s 15.2% growth which had marked the fastest expansion since Q2 2010.
October 14, 2021
At its 14 October meeting, the Monetary Authority of Singapore (MAS) raised the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band from 0.0% previously, thus allowing the dollar to appreciate “slightly” on an annual basis—widely believed to be 0.5% per annum—and effectively tightening its monetary stance.