Singapore's economy shrank 5.8% yoy in Q3 2020, compared with a preliminary estimate of a 7% fall and a revised 13.3% plunge in Q2, while markets had expected a 5.4% drop. The improvement came on the back of the phased resumption of activities after the Circuit Breaker that was implemented from 7 April to 1 June. Construction activity fell at a softer rate (-46.6% vs -60% in Q2), amid declines in both public sector and private sector construction works. Also, the service sector shrank less (-8.4% vs -13.4%), with transport, wholesale & retail trade, and food services contracting at slower paces. Meantime, the manufacturing sector grew by 10%, a reversal from a 0.8% drop in Q2, due to output growth in the electronics, and biomedical. On a quarterly basis, the economy grew 9.2%, the most on record, after a 13.2% slump in Q2. The government now expects the economy to shrink by 6.5 to 6.0% in 2020, compared to the previous estimate of -7 to -5%. source: Statistics Singapore
GDP Annual Growth Rate in Singapore averaged 6.24 percent from 1976 until 2020, reaching an all time high of 18.60 percent in the second quarter of 2010 and a record low of -13.30 percent in the second quarter of 2020. This page provides - Singapore GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
GDP Annual Growth Rate in Singapore is expected to be -5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Singapore to stand at 3.80 in 12 months time. In the long-term, the Singapore GDP Annual Growth Rate is projected to trend around 4.50 percent in 2021 and 2.10 percent in 2022, according to our econometric models.