GDP per capita in Singapore

Singapore GDP per capita (USD) | Economic News & Forecasts

Singapore - GDP per capita (U.S. Dollars)

Economic growth slumps to near decade low in Q1

The economy flagged in the first quarter of the year due to a decline in the manufacturing sector, according to an advanced estimate released by the Ministry of Trade and Industry (MTI) on 12 April. The economy expanded 1.3% on an annual basis in Q1, marking the worst reading in nearly a decade. This was significantly lower than the 1.9% figure recorded in Q4 last year and undershot analysts’ expectations of a 1.5% outturn. In quarter-on-quarter seasonally-adjusted annualized terms (SAAR), GDP growth accelerated to 2.0% in Q1, up from the 1.4% posted in Q4 2018.

The manufacturing sector contracted 1.9% in Q1 in annual terms, contrasting the 5.1% expansion in the previous quarter, due to weaker output in the precision engineering and electronics clusters. On the other hand, the construction sector expanded for the first time in two-and-a-half years on stronger private-sector activity, increasing 1.4% in Q1 (Q4 2018: -1.0% year-on-year). Meanwhile, the service sector grew 2.1%, which was slightly higher than the 1.8% expansion registered in the quarter prior.

Year-on-year growth is seen picking up in the remainder of the year on a more favorable base of comparison and expansionary fiscal policy. However, Singapore’s economy continues to face multiple economic headwinds, chiefly a slowdown in global demand for technology, uncertain momentum in China and the U.S.-Sino trade standoff.

The Ministry of Trade and Industry (MTI) expects the economy to grow between 1.5% and 3.5% in 2019. Met the why particular Consensus Forecast panelists project the economy would grow 2.5% in 2019, unchanged from the previous month’s forecast, and 2.5% in 2020.

Singapore - GDP per capita (USD) Data

2013  2014  2015  2016  2017  
GDP per capita (USD)56,381  57,068  54,911  55,163  57,495  

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Singapore Facts

ValueChangeDate
Bond Yield2.131.39 %May 13
Exchange Rate1.37-0.01 %May 13
Stock Market3,2340.18 %May 13

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