Singapore slashed its full-year economic growth forecast on Tuesday, as global conditions were seen worsening and final second-quarter data showed the economy shrank 3.3% on the quarter. Coface estimated at 2.3% GDP growth in 2019. 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. An animated overview of the Singapore economy, presenting the latest GDP, growth and industry breakdown, latest data and partners in investments in Singapore and abroad, profile of enterprises, and latest data and partners in trade in goods and services. SINGAPORE: Singapore is bracing for its worst-ever recession, with authorities cutting growth projections for 2020 yet again as the economy continues to feel severe strain from the COVID-19 pandemic. Singapore's economy is characterised by excellent finances and a high degree of openness, with the country being highly dependent on international trade. Singapore gdp … However, GDP only grew 0.7% in 2019. But social distancing will be the new normal. The fall in export and local demand will weigh on Singapore's economic prospects. Singapore will begin easing the circuit-breaker measures from June, to be replaced by a three-phase system to further reopen the economy. Singapore’s economy is facing its worst contraction since independence more than a half-century ago as the coronavirus outbreak and measures to contain it pummel the trade-reliant city state. Singapore is gradually lifting restrictions, including the closure of schools and workplaces. Singapore gdp growth rate for 2018 was 3.14%, a 0.56% decline from 2017. “How the …

Singapore's economy shrank 0.7% year-on-year in the first quarter of 2020 (vs preliminary -2.2%), reversing the 1% growth in the prior period and compared with market expectations of a 1.5% fall. This page provides - Singapore GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Notwithstanding the biggest stimulus in its history, aggregated at S$92.9bn (US$65.5bn), we forecast GDP to contract by 6% in 2020. Lockdown measures to contain Covid-19 are pummeling consumer and business spending, while export demand shrivels due to fallout from the health crisis abroad.


Singapore Economic Growth Singapore’s economy is seen languishing in a deep recession this year. For analysis and assessment of Singapore's economy and financial system, see: The biannual Macroeconomic Review.

GDP Growth Rate in Singapore averaged 6.48 percent from 1975 until 2020, reaching an all time high of 27.20 percent in the second quarter of 2010 and a record low of -10.90 percent in the third quarter of 2010.

Singapore economic growth for 2018 was $364.16B, a 7.61% increase from 2017. The slowdown, the worst in 10 years, is mainly due to the trade war between the US and China and to a cyclical global downturn in the electronic sector. Singapore economic growth for 2015 was $308.00B, a 2.17% decline from 2014. This infographic is based on data compiled by the Department of Statistics, other government agencies and statutory boards.

Fiscal Position Fiscal policy is focused on promoting long-term economic growth, rather than at cyclical changes or distributing income. As a result of Singapore's steady climate, favorable investment conditions and the rapid expansion of the world economy from 1965 to 1972, the country's Gross Domestic Product (GDP) experienced annual double-digit growth. Singapore economic growth for 2017 was $338.41B, a 6.39% increase from 2016. The Financial Stability Review. Singapore’s economy is facing its worst contraction since independence more than a half-century ago as the coronavirus outbreak and measures to contain it pummel the trade-reliant city state.

Singapore economic growth for 2016 was $318.07B, a 3.27% increase from 2015.