Economic Growth in Singapore
Over the past decade until 2022, Singapore's economy recorded an average growth rate of 3.3%, which is below the 4.4% average for the Asia-Pacific region. In 2022, the real GDP growth was 3.6%. For more GDP information, visit our dedicated page.
Singapore GDP Chart
Singapore GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 1.3 | -3.9 | 9.7 | 3.8 | 1.1 |
GDP (USD bn) | 377 | 350 | 434 | 498 | 501 |
GDP (SGD bn) | 514 | 482 | 583 | 687 | 673 |
Economic Growth (Nominal GDP, ann. var. %) | 1.1 | -6.2 | 20.9 | 17.8 | -2.0 |
GDP growth records best result in two years in the third quarter
GDP reading: According to a preliminary estimate, GDP growth accelerated to 4.1% year on year in the third quarter from 2.9% in the second quarter, marking a two-year high and overshooting market expectations. On a seasonally adjusted quarter-on-quarter basis, economic growth rose to 2.1% in Q3, from the previous quarter's 0.4% expansion, logging the fastest increase since Q1 2021.
Drivers: Looking at the details of the release, stronger momentum in the goods-producing sector drove the expansion: This sector’s growth came in at 6.6% year on year in Q3, accelerating from Q2’s flat result. The acceleration was chiefly due to a sharp rebound in manufacturing production, likely boosted by the electronics sector upcycle. That said, the services sector expanded at a slower pace, logging a 3.3% increase in Q3, down from Q2’s 3.6% increase. The moderation was broad-based, with most subsectors growing at a weaker pace compared to Q2.
Panelist insight: Commenting on the release, United Overseas Bank analyst Jester Koh stated: “Factoring in the strong 3Q24 GDP performance, we raise our 2024 full-year real GDP growth forecast to 3.3% (from 2.9% prev), exceeding the upper end of MTI’s official forecast range of 2.0-3.0%. In addition, we lower our 2025 GDP growth forecast to 2.9% (from 3.2% prev).”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Singapore GDP projections for the next ten years from a panel of 30 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Singapore GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Singapore GDP projections.
Want to get access to the full dataset of Singapore GDP forecasts? Send an email to info@focus-economics.com.
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