Singapore GDP Annual Growth Rate

Singapore GDP Annual Growth Rate
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Singapore government now officially implicitly suggesting the – er – possibility – of recession in 2020.

The Singaporean economy advanced 1% yoy in Q4 2019, compared to the advance estimate of a 0.8% growth and after a 0.7% expansion in Q3. This was the highest growth rate since Q1 2019, led by construction sector (4.3% vs 3.1 in Q3), transportation & storage (0.8% vs flat reading), accommodation & food services (2.5% vs 1.9%), information & communications (4.5% vs 4.4%), finance & insurance (4% vs 4.1%) business services (1.7% vs 1.1%) and other services (3.3% vs 2.4). In contrast, manufacturing output fell further (-2.3% vs -0.7%). For 2020, the government lowered economic growth forecast to 0.5-1.5% from 0.5-2.5% previously, opening up the possibility of a recession this year, on the back of the ongoing coronavirus outbreak. The impact of the virus would be mostly felt in manufacturing, wholesale trade, tourism and transport, retail and food services. On an annualised quarterly basis, the economy grew 0.6%, after a downwardly revised 2.2% growth. 2019-11-21 12:00 AM YoY Final Q3 0.5% 0.2% 0.5% 0.1% 2020-01-02 12:00 AM YoY Adv Q4 0.8% 0.7% 0.8% 0.8% 2020-02-17 12:00 AM YoY Final Q4 1% 0.7% 0.8% 0.8% 2020-04-14 12:00 AM YoY Adv Q1 1% -0.6% 2020-05-26 12:00 AM YoY Final Q1 -0.6% 2020-07-14 12:00 AM YoY Adv Q2 0.6% 2020-08-13 12:00 AM YoY Final Q2 0.6% In Singapore, services are the biggest sector of the economy and account for 72 percent of GDP. Within services the most important segments are: wholesale and retail trade (18 percent of total GDP); business services (16 […]

Emphasis ours

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