World Bank national accounts data, and OECD National Accounts data files. Looking ahead, global GDP growth is expected to stall or even contract in H1 2020, given the significant interruption to economic activity in most of Singapore’s major trading partners. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2020, building on the lifetimes work of Angus Maddison. Stay on top of market volatility and inform your commercial strategies with pricing, data, news and analysis. Singapore gdp per capita for 2017 was $60,914, a 7.19% increase from 2016. In 2020, real GDP growth for Singapore was -6 %. Only these four countries have a gdp growth rate above 3%. This GDP contraction is the worst Singapore has experienced since gaining independence in 1965. Singapore’s economy shrank a record 5.8 per cent in a pandemic-hit 2020, preliminary data showed on Monday (Jan 4), although most industries saw some improvement in the fourth quarter of … October 14, 2020 . None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. Any big jump in growth numbers may only transpire in the second quarter and that too because of the very low base set in the same period of 2020, when the GDP shrank by … SHARE THIS STORY. Singapore gdp per capita for 2019 was $65,233, a 1.44% decline from 2018. (212) 419-8286. hadley.ward@statista.com. This brings Singapore's 2020 full-year GDP contraction to 5.8 per cent, which is slightly better than the official contraction forecast of 6 to 6.5 per cent. With continued expansion of trade and gradual recovery in tourism sector and construction activities, Singapore’s GDP growth is forecasted to increase to 5.8% in 2021. The GDP contraction in 2020 is also worse than the 7 percent contraction recorded in 1984, making it the steepest post-war slump in Philippine history, using available PSA data dating back to 1947. Since then, the economy has been on a sustainable growth track. Access in-depth petrochemicals data. Last year's full-year negative GDP growth is the first contraction since 1998's 0.5 percent decline, which was triggered by the Asian financial crisis. Based on advance estimates, the Singapore economy contracted by 2.2 per cent on a year-on-year basis in the first quarter of 2020, reversing the 1.0 per cent growth in the preceding quarter. GDP Growth Rate, Asian Development Outlook 2020 (XLSX) *2020-2021 are forecasts . The GDP growth forecast for Singapore for 2020 has been downgraded to “-7.0 to -4.0%”, from “-4.0 to -1.0%”, the MTI said. Thus, Vietnam may not surpass Singapore in terms of nominal GDP in 2020. Singapore's revised growth forecast comes as the economy contracted 2.2 per cent year-on-year in the first quarter of 2020, according to MTI's advanced estimates. Annual percentage growth rate of GDP at market prices based on constant local currency. KUALA LUMPUR (Feb 11): Malaysia’s gross domestic product (GDP) growth for 2020 is better than expected and the country's economy has shown various signs of recovery, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.Malaysia’s GDP contracted 3.4% in the fourth quarter of 2020 (Q4 2020) amid a significant increase in Covid-19 infections, bringing the overall … The Ministry of Trade and Industry revised its full-year forecast for Singapore to register an economic contraction of between 5% and 7% in 2020. country comparison to the world: 180. Historical, current and forecast prices, together with … Guyana is followed by South Sudan (4.11%), Bangladesh (3.80%), and Egypt (3.55%). Last 12 readings . Please do not hesitate to contact me. Singapore’s GDP grew 4.1% on average between 2011 and 2013. 2.2% (2015 est.) Other key details of Singapore’s GDP report: Manufacturing plunged 23.1% on a quarter-on-quarter, annualized basis, compared with growth of 45.5% in the first quarter. Also Show. Singapore’s GDP Contracted by 3.8 Per Cent in the Fourth Quarter of 2020 4 January 2021. By contrast, the island nation experienced a 0.7 percent growth in 2019, further amplifying COVID-19's effect on the local economy. -Singapore has just adjusted growth from -5.8% to -5.4%, and announced current price GDP at S $ 469 billion (source Singstat). Singapore: Economic contraction slows in Q3. As of 2017 Singapore GDP sits at $323.907 Billion. Year-on-year (yoy) growth rate – this measures the percentage change in real GDP from the corresponding quarter in the previous year 2. News All News. Inflation rate (consumer prices) 0.5% (2019 est.) country comparison to the world (CIA rank, may ... All suggestions for corrections of any errors about Singapore Economy 2020 should be addressed to the CIA or the source cited on each page. Activity shrank at a markedly slower pace in the third quarter according to an advanced estimate, after contracting at the sharpest rate in over three decades in the second quarter. Amid the economic downturn brought on by the COVID-19 pandemic, Singapore's GDP shrank by 5.8 percent in 2020. Its economy has registered a better-than-expected GDP growth of 0.2% in Q1FY21 Vs Q1FY20 (same quarter last year). 26 March 2020. The ongoing wave of COVID-19 outbreaks will continue to dampen global growth beyond the first half of the year, even as China is showing signs of recovery to normalcy. In the current survey, the respondents expect the economy to contract 0.8% year-on-year in Q1 2020. OECD GDP rebounded by 9.0% in the third quarter of 2020 but remains below pre-pandemic high . 3.48% (2018 est.) Are you interested in testing our corporate solutions? country comparison to the world: 43. Credit ratings. Latest Releases and Calendar Events. Similar to Q3, growth was mostly bolstered by the manufacturing sector, which expanded 9.5 per cent in Q4, leading to an overall 7.1 per cent growth for the full year. Label. 0.5% (2017 est.) Selena Ling, OCBC's head of treasury research and strategy, said Singapore's Q1 2020 GDP growth estimates is like "the canary in the mineshaft" - warning of further economic pain to come for other Asian economies. Out of them, twelve each is located in Asia and Africa, each … Fitch rating: AAA (2003) Moody's rating: Aaa (2002) Standard & Poors rating: AAA (1995) Real GDP (purchasing power parity) $555.193 billion … The Gross Domestic Product (GDP) in Singapore was worth 372.06 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Singapore gdp per capita for 2016 was $56,828, a 2.12% increase from 2015. READ: Singapore's GDP expected to shrink between 4% and 7% as 2020 growth forecast cut again on COVID-19 impact Year-on-year, the economy shrank 12.6 … Data and research on GDP including real GDP growth, Annual Gross Domestic Product (GDP), Quarterly Gross Domestic Product (GDP), National Accounts at a Glance., OECD GDP growth slows to 0.7% in the fourth quarter of 2020, with year-on-year falls for almost all countries Though Singapore real GDP growth fluctuated substantially in recent years, it tended to decrease through 2001 - 2020 period ending at -6 % in 2020. Singapore has begun the FY21 on a great note. 4.34% (2017 est.) At an average rate of $ 1 = S $ 1.34, Singapore’s nominal GDP size is estimated at $ 350 billion. GDP growth in Q4 2020 was in line with expectations The Singapore economy expanded by 1.0% in Q4 2019 compared with the same period a year earlier, on par with the respondents’ forecasts in the previous survey. In the third quarter of 2020, the Singapore GDP contracted by seven percent compared to the third quarter of 2019. 2.4% (2016 est.) Singapore is expected to experience an economic slowdown in 2019, with GDP growth slowing to 1.9% from 3.1% in 2018, due to tariff hikes from the United States and China. - … Economic Performance in Second Quarter 2020 The Singapore economy contracted by 13.2 per cent on a year-on-year basis in the second quarter, worsening from the 0.3 per cent contraction in the previous quarter. COVID-19. 1961 - 2019. With a projected gdp growth rate of 26.21% in 2020, Guyana is the fastest growing economy in the world. This was a great performance by all measures, as till Q1FY20, the economy was operating with… Singapore GDP Growth Performance In the 10 years before the great recession, from 1999 to 2007, Singapore’s GDP grew 6.0% on average. SHARE THIS STORY. The GDP value of Singapore represents 0.31 percent of the world economy. GDP growth (annual %) - Singapore. 0.4% (2018 est.) GDP - real growth rate: 3.6% (2017 est.) The updated second-quarter decline will bring GDP contraction in the first half of 2020 to 6.7 per cent year on year, worse than the earlier estimate of a 6.45 per cent drop. Singapore GDP Q3 2020. Based on advance estimates for the fourth quarter of 2020, 1 the Singapore economy contracted by 3.8 per cent on a year-on-year basis, an improvement from the 5.6 per cent contraction recorded in the third quarter. Singapore GDP (Gross Domestic Product) was INT$525.21billion for 2020 in PPP terms. Singapore’s GDP growth forecast for 2020 to “-7.0 to -5.0 per cent”, from “-7.0 to -4.0 per cent”. Singapore GDP Annual Growth Rate History. Economic Survey of Singapore First Quarter 2020 Feature Article | 14 OCT 2020 . Countries by Real GDP Growth Rate in 2018 (Data from IMF WEO Database, April 2020) This article includes a lists of countries and dependent territories sorted by their real gross domestic product growth rate ; the rate of growth of the value of all final goods and services produced within a … Reporting of Quarterly Real GDP Growth Rates Reporting of Quarterly Real GDP Growth Rates There are three ways to calculate quarterly real GDP growth rates: 1. In Q3, the economy shrank 7.0% year-on-year (Q2: -13.3% yoy). 0.73% (2019 est.) The six largest ASEAN nations (Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam) are expected to witness positive real GDP growth rates in 2021. Real GDP growth rate. Skip to main content. 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