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Singapore Q1 GDP Growth Below Estimates
Singapore’s economy advanced 2.7% yoy in Q1 of 2024, accelerating from a 2.2% growth in the prior period and pointing to the strongest rise since Q3 2022, flash data showed. It was the 13th straight quarter of GDP expansion despite falling short of market forecasts of 3.0%. The service sector rose much faster (3.2% vs 2.0% in Q4), amid further increases in wholesale & retail trade; information & communications; and accommodation, real estate, and other services. Meanwhile, construction output slowed (4.3% vs 5.25%), with public sector construction growing while private sector one fell. Also, growth in manufacturing moderated (0.8% vs 1.4%), mostly helped by increases in chemicals, precision engineering, and transport engineering clusters. Quarterly, the country's GDP just added 0.1%, the softest pace in a year. For 2024, the economy is expected to grow between 1-3%, aided by an upturn in manufacturing and financial sector. Last year, the GDP grew 1.2%, much slower than 3.6% in 2022.
Published on 2024-04-12

Singapore’s GDP Growth Misses Forecast in Q4
Singapore’s economy grew 2.2% year-on-year in the fourth quarter of last year, coming in below advance estimates of 2.8% and consensus forecasts of 2.5%, final data showed. Still, the latest figure accelerated from the 1% growth in the previous quarter and posted the 12th consecutive quarter of economic expansion, which was the strongest since the third quarter of 2022. Growth accelerated in the manufacturing (1.4%), construction (5.2%), transportation & storage (2.8%), finance & insurance (5.4%) and other services industries (3.9%) sectors, while either slowed or contracted in the wholesale trade (0.2%), retail trade (-0.3%), accommodation (1.5%), food & beverage (-1.5%), real estate (0.1%), professional services (-0.7%) and administrative & support services (-1.7%) sectors. On a quarterly basis, Singapore’s economy grew 1.2% in the fourth quarter, faster than the 1% expansion in the third quarter but missing forecasts of 1.4%.
Published on 2024-02-15

Singapore Q4 GDP Growth Picks Up
Singapore’s GDP grew by 2.8% yoy in Q4 of 2023, accelerating from a marginally revised 1.0% advance in Q3, flash data showed. This was the 12th straight quarter of economic expansion and the strongest pace since Q3 2022, as the city-state’s recovery gained traction. The service sector continued to rise (2.4% vs 2.3% in Q3), owing to further increases in wholesale & retail trade; transportation; information & communications, and accommodation, real estate, and other services. Simultaneously, the manufacturing sector bounced back strongly (3.2% vs -4.7%), due to output expansions across all clusters, except precision engineering. Further, construction activity quickened (9.1% vs 6.2%), supported by rises in both public and private sector output. Quarterly, the economy expanded 1.7% in Q4, faster than a 1.3% rise in Q3, marking the third successive quarter of increase and the strongest rate in 2 years. For the whole year, the economy advanced 1.2%, easing from a 3.6% growth in 2022.
Published on 2024-01-02

Singapore Q3 GDP Growth Revised Higher
Singapore’s GDP grew by 1.1% yoy in Q3 of 2023, compared with the flash reading of a 0.7% rise and after a 0.5% advance in Q2. This was the 11th straight quarter of economic expansion and the strongest pace since Q4 2022, amid further signs that the city-state’s recovery is gaining momentum. The service sector continued to rise (2.3% vs 2.8% in Q2), linked to sustained increases in wholesale & retail trade; transportation & storage; information & communications, and accommodation, real estate, and other services. Further, construction activity remained upbeat (6.3% vs 7.7%), supported by rises in both public and private sector output. Simultaneously, the manufacturing sector shrank much softer (-4.6% vs -7.6%), as output from the transport engineering cluster rose. The government now expects the GDP to expand around 1.0% this year and 1.0 to 3.0% in 2024. Quarterly, the economy expanded 1.4% in Q3, picking up from a 0.1% rise in Q2 and marking the second successive quarter of increase.
Published on 2023-11-22

Singapore Q3 GDP Growth Beats Expectations
Singapore’s GDP grew by 0.7% yoy in Q3 of 2023, exceeding market forecasts of 0.4% and after a 0.5% advance in Q2, flash data showed. This was the 11th straight quarter of economic expansion and the strongest pace since Q4 2022, amid growing signs that the city-state’s recovery is gaining traction. The service sector continued to rise (1.9% vs 2.8% in Q2), linked to sustained increases in wholesale & retail trade; transportation & storage; information & communications, and accommodation, real estate, and other services. Further, construction activity rose further (6.0% vs 7.7%), supported by rises in both public and private sector output. Simultaneously, the manufacturing sector shrank at a softer rate (-5.0% vs -7.7%), with output from the transport engineering cluster rising. On a quarterly basis, the economy expanded 1.0% in Q3, sharply accelerating from a downwardly revised 0.1% rise in Q2 and marking the second successive quarter of increase.
Published on 2023-10-13

Singapore Q2 GDP Growth Revised Lower
Singapore’s GDP grew by 0.5% yoy in Q2 of 2023, compared with the flash reading of a 0.7% rise and after a 0.4% increase in Q1. This was the 10th consecutive quarter of expansion, amid an acceleration in the service sector (2.6% vs 1.9% in Q1) on the back of sustained growth in wholesale & retail trade, transportation & storage, real estate, accommodation, and other services. Additionally, construction activity stayed robust (6.8% vs 6.9%), supported by rises in both public and private sector output. In contrast, the manufacturing sector shrank for the 2nd straight quarter (-5.5% vs -3.8%), as output fell across all clusters. Meanwhile, the government slashed the 2023 GDP growth forecast to a range of 0.5 to 1.5% from 0.5 to 2.5%, reflecting weak external demand, sticky inflation in advanced economies, and lingering geopolitical tensions. On a quarterly basis, the economy expanded 0.1% in Q2, reversing from a 0.4% fall previously, narrowly avoiding the risk of a technical recession.
Published on 2023-08-11

Singapore Q2 GDP Growth Beats Forecasts
Singapore’s GDP grew by 0.7% yoy in Q2 of 2023, stronger than a final 0.4% growth in Q1 and above market expectations of a 0.6% growth, an advance estimate showed. This was the 10th consecutive quarter of increase, amid an acceleration in the services sector (3.0% vs 1.8% in Q1) on the back of a rebound in wholesale & retail trade, alongside a faster rise in the output of information & communications and a further increase in accommodation & food service, real estate, and other services. Also, construction activity remained robust (6.6% vs 6.9%), supported by rises in both public and private sector output. In contrast, the manufacturing sector shrank for the second straight quarter (-7.5% vs -5.3%), as output contracted across all clusters. The government projected GDP growth of 0.5% to 2.5% for this year. On a quarterly basis, the economy expanded 0.3% in Q2, reversing from a 0.4% fall previously while matching consensus and averting the risk of a technical recession.
Published on 2023-07-14

Singapore Q1 GDP Growth Revised Higher
Singapore’s GDP grew by 0.4% yoy in Q1 of 2023, compared with the flash figure of 0.1% and after a 2.1% expansion in Q4 of 2022. While coming above market estimates of a 0.2% rise, the latest figure marked the softest increase since a contraction in Q4 of 2020. Growth in the services sector eased markedly (2.0% vs 4.0% in Q4) due to a slowdown in output of retail trade, transport & storage, and food and accommodation, as well as a fall in wholesale trade. Also, construction activity moderated (7.2% vs 10.0%). Meanwhile, a decline in the manufacturing sector deepened (-5.6% vs -2.6%), with most clusters falling except transport engineering. On a quarterly basis, the economy also shrank 0.4% in Q1, compared with the consensus of a 0.7% fall and a 0.1% rise in Q4. For 2023, the government maintained its GDP growth projection at between 0.5 to 2.5%, with growth likely to come in at around the mid-point of the range. Last year, the economy expanded by 3.6%, far softer than 7.6 in 2021.
Published on 2023-05-25

Singapore Q1 GDP Growth Rate Below Forecasts
Singapore’s GDP expanded by 0.1% yoy in Q1 of 2023, missing market estimates of a 0.6% growth and softening from a 2.1% expansion in the prior period, a flash reading showed. It was the ninth straight quarter of increase but the weakest pace in the sequence, as the services sector eased further (1.8% vs 4% in Q4) due to a slowdown in output of information & communications and accommodation & food services and a drop in wholesale trade & retail trade and transport. Also, construction activity moderated (8.5% vs 10.0%). Meanwhile, a decline in the manufacturing sector deepened (-6.0% vs -2.6%), with most clusters falling except transport engineering. On a quarterly basis, the economy shrank 0.7% in Q1, compared with the consensus of a 0.2% fall and a 0.1% rise in Q4. For 2023, the government projected GDP growth between 0.5 to 2.5%, as the externally oriented sector remains weak due to global headwinds. Last year, the economy added 3.6%, compared with an initial estimate of 3.8%.
Published on 2023-04-14

Singapore GDP Growth Revised Slightly Lower
Singapore’s GDP grew by 2.1% yoy in Q4 of 2022, compared with the flash figure of 2.2% and after a marginally revised 4.0% growth in Q3. The latest result was below market estimates of a 2.3% rise, marking the softest expansion since Q1 of 2021, as growth in the services sector eased (4% vs 5.5% in Q3) due to a slowdown in the output of wholesale trade, retail trade, transport, food & beverages, and a drop in financials. Also, the manufacturing sector shrank (-1.1% vs 1.8%), dragged by biomedical manufacturing, chemicals, electronics, and general manufacturing. By contrast, construction activity quickened (10.0% vs 8.1%) as both the public and private sectors rose. On a quarterly basis, the economy edged up 0.1%, less than the consensus of 0.3%, and after a downwardly revised 0.8% increase in Q3. For the full year, the economy added 3.6%, compared with an initial estimate of 3.8%. For 2023, Singapore maintained the GDP growth forecast at 0.5 to 2.5%.
Published on 2023-02-13

Singapore Q4 GDP Growth Slightly Above Estimates
Singapore’s economy expanded 2.2% yoy in Q4 of 2022, compared with market consensus of 2.1%, and after a 4.2% increase in Q3, an advance estimate showed. The latest figure marked the eighth straight quarter of growth in the economy but the softest pace since Q1 of 2021, as the manufacturing sector shrank (-3% vs 1.4% in Q3) due to falls in electronics, chemical, and biomedical clusters. Meanwhile, expansion in the services sector slowed (4.1% vs 5.8%), with activity softening for all sub-sectors, namely wholesale & retail trade, information & communications, finance, and accommodation. At the same time, construction output accelerated (10.4% vs 7.8% in Q3), as both public and private output recovered further. On a quarterly basis, the economy grew by 0.2%, slowing sharply from a 1.1% increase in Q3. For the full year of 2022, the GDP increased by 3.8%, beating the official forecasts of around 3.5% but much slower than the 7.6% expansion in 2021.
Published on 2023-01-03

Singapore Q3 GDP Annual Growth Revised Lower
Singapore’s GDP grew by 4.1% yoy in Q3 of 2022, compared with the flash figure of 4.4% and market estimates of 4.3%. The manufacturing sector rose much softer (0.8% vs 5.6% in Q2), amid falls in electronics, chemicals, and biomedical clusters. Meantime, construction activity increased the most in a year (7.8% vs 4.8%), with both public and private sectors rising. Also, growth in the services sector was solid (5.82% vs 5.0%), due to a pickup in the output of both wholesale trade and food & beverages as well as a further rise in retail trade, transport, real estate, information, and other services. The government expects the city economy to advance by around 3.5% in 2022, compared with earlier projections of between 3 to 4%. For next year, the GDP is estimated to slow between 0.5 to 2.3%, on global headwinds that would hit demand for trade and finance. On a quarterly basis, the economy expanded by 1.1%, compared with consensus of 1.3%, and after a downwardly revised 0.1% fall in Q2.
Published on 2022-11-23

Singapore Q3 GDP Growth Beats Forecasts
Singapore’s economy expanded 4.4% yoy in Q3 of 2022, after a marginally revised 4.5% expansion in Q2 and topping market consensus of a 3.4% rise, an advance estimate showed. The manufacturing sector rose 1.5%, slowing sharply from a 5.7% gain in Q1, amid declines in the electronics and chemicals clusters. Meantime, construction output accelerated due to an easing of border restrictions, with activity both at public and private construction picking up (3.9% vs 1.5%). Also, the services sector quickened (6.1% vs 4.8%), as all sectors within the group recorded expansions, namely wholesale & retail trade, information & communication, finance, and accommodation & food services. On a quarterly basis, the economy grew by 1.5%, shifting from a downwardly revised 0.2% contraction in Q2. The government in August narrowed Singapore's 2022 GDP forecast to 3% from 4%, compared with its previous estimates of 3% to 5%, reflecting rising inflation and mounting global headwinds.
Published on 2022-10-14

Singapore Q2 GDP Annual Growth Revised Downward
Singapore’s economy grew 4.4% YoY in the second quarter of 2022, revised downward from a flash figure of 4.8% and following a 3.8% growth in the first quarter. The manufacturing sector expanded by 5.7% YoY, extending the 5.5% growth in the previous quarter, supported mainly by output expansions in the transport engineering, general manufacturing, electronics and precision engineering clusters. Growth in the construction sector also picked up to 3.3% YoY from the 2.4% registered in the previous quarter, on account of an expansion in both public and private sector construction output. The services sector expanded by 4.8% YoY as well, helped mainly by strong growths in food & beverage (28%), real estate (11.7%) and retail trade (11.5%). Meanwhile, the city state has narrowed its GDP growth forecast for 2022 to “3% to 4%,” from “3% to 5%,” citing economic pressures from high inflation, rising interest rates and a weakening external demand outlook.
Published on 2022-08-11

Singapore Q1 GDP Annual Growth Revised Upward
The Singapore’s GDP grew by 3.7% yoy in Q1 of 2022, compared with the flash figure of a 3.4% rise and after a 6.1% gain in Q4. While matching market consensus, the latest print was the softest since Q1 2021, on surging inflation, soaring commodity prices, and supply chain issues due to the Ukraine war. The manufacturing sector rose 7.1% yoy, slowing from a 15.5% gain in Q4, mainly supported by rises in the electronics, and general manufacturing and precision engineering. Also, there were moderation in construction activity (2.1% vs 2.9%); and services (4.2% vs 5.6%), amid a slowdown in the output of wholesale trade, retail sales, food & beverages, information, finance & insurance, and real estate. The city state has kept the 2022 GDP outlook at 3 to 5%, but is expecting growth to come in “at the lower half” of the range, citing a weak global environment. On a quarterly basis, the economy expanded 0.7%, higher than the 0.4% gain in the initial data but below forecast of a 0.8% rise.
Published on 2022-05-25

Singapore GDP Growth Moderates in Q1
Singapore’s economy expanded 3.4% YoY in the first quarter of 2022, slowing from a 6.1% growth in the previous quarter and lower than market expectations for a 3.8% increase, preliminary data showed. The manufacturing sector expanded 6%, slowing from the 15.5% growth in the preceding quarter, supported by output expansions in all clusters except for chemicals. In particular, the electronics and precision engineering clusters continued to record strong output growth, driven by sustained global demand for semiconductors and semiconductor equipment, respectively. The construction sector grew 1.8%, slower than the 2.9% increase in the previous quarter. The services producing industries also indicated slowing activity, including wholesale & retail trade and transportation and storage (3.2% vs 4.2%), information & communications, finance & insurance and professional services (5.3% vs 6.6%) and accommodation & food services, real estate, admin & support and other services (3% vs 1.6%).
Published on 2022-04-14

Singapore GDP Rebounds 7.2% in 2021
Singapore’s economy expanded 5.9% YoY in the fourth quarter of 2021, slowing from a 7.1% growth in the previous quarter but higher than market expectation for a 5.4% increase, preliminary data showed. For the whole of 2021, the economy grew by 7.2%, rebounding from the 5.4% contraction in 2020. The city-state bounced back for the year due to strong export demand and high vaccination rates, with 87% of the population having received two doses. However, persistent challenges of the pandemic became more apparent late in the year, with Singapore’s largest Covid outbreak in October leading to renewed domestic restrictions and a slow recovery of international travel affecting its core related industries. The manufacturing sector expanded 12.8% in 2021 on solid global demand for electronics components. The construction and services sectors rebounded 18.7% and 5.2%, respectively, after being hampered by pandemic restrictions.
Published on 2022-01-03

Singapore Q3 GDP Growth Moderates
Singapore's economy expanded 7.1% yoy in Q3 2021, compared with market consensus of a 6.5% growth and slowing from an upwardly revised 15.2% jump in Q2, official data showed. Still, this was the third straight quarter of growth, amid a sustained economic recovery in the wake of COVID-19 disruptions. The manufacturing sector grew at a softer rate (7.2% vs 18% in Q1), with output continuing to grow in all clusters except for biomedicals. Also, construction activity slowed (66.3% vs 117.5%), but remained strong due to low base effects given the slow resumption of construction activities after the Circuit Breaker period last year. Moreover, growth in the services sector printed at 6.3%, compared with the 10.9% jump in Q2, supported mainly by the wholesale trade, information & communications and finance & insurance industries. On a quarterly basis, the economy advanced 1.3%, after a downwardly revised 1.4% contraction in Q2.
Published on 2021-11-24

Singapore Q3 GDP Growth Moderates
Singapore's economy expanded 6.5% yoy in Q3 2021, compared with market consensus of a 6.6% growth and slowing from an upwardly revised 15.2% jump in Q1, an advance estimate showed. Still, this was the third straight quarter of growth, amid a sustained economic recovery in the wake of COVID-19 disruptions. The manufacturing sector grew at a softer rate (7.5% vs 18% in Q1), with output continuing to grow in most clusters except for chemicals. Also, construction activity slowed(57.9% vs 117.5%), on low base effects and labor shortages due to border restrictions. In contrast, services output gained 0.5%, rebounding from a 0.3% drop in Q1, boosted by a rebound in accommodation & food services and a further rise in information & communication, finance & insurance. On a quarterly basis, the economy advanced 0.8%, after a downwardly revised 1.4% contraction in Q1.
Published on 2021-10-14

Singapore Q2 GDP Growth Revised Upward
Singapore's economy expanded 14.7% yoy in Q2 2021, compared with an advance estimate of a 14.2% growth and a final 1.5% gain in Q1. The strong growth rate was due to the low base effect from last year when Circuit Breaker measures launched. The manufacturing sector picked up (21.9% vs 6% in Q1), boosted by output expansions in all clusters. Also, construction output rebounded very strongly (106.2% vs -23.2%), as both public and private sector construction works grew. In addition, services activity rose 10.3% after falling 0.3%, amid a turnaround in transportation, food services, and real estate; and a pickup in retail trade. On a quarterly basis, the economy shrank 1.8%, after a 3.3% growth in Q1. The government upgraded the GDP growth forecast for 2021 to 6 to 7% from 4 to 6%, amid a stabilization in local COVID-19 cases and progress in vaccinations at home and abroad.
Published on 2021-08-11