The GDP figure in 2019 was €332,330 $372,044 million, Singapore is number 34 in the ranking of GDP of the 196 countries that we publish. DataBank. Gross Domestic Product of Singapore grew 0.7% in 2019 compared to last year. Check out the Analysis of Revenue & Expenditure for FY2019 here. Here we show you the progression of the GDP in Singapore. For more information on special travel arrangements that Singapore has implemented with other countries/regions, please go to https: ... MTI Narrows 2020 GDP Growth Forecast to “-7.0 to -5.0 Per Cent” ... (Coronavirus Disease 2019) MTI's Updates on COVID-19 (Coronavirus Disease 2019) Click here to … Singapore Budget 2019. Singapore gdp growth rate for 2016 was 3.24%, a 0.26% increase from 2015. “Above all, the biggest worry is that business confidence undermined inadvertently exacerbates the slowdown and retards a recovery into late 2020,” Mr Varathan added. He pointed to the hit to supply chains and demand, as a result of US-China trade tensions. VERIFICATION EMAIL. - … The Government will continue to plan ahead and ensure that we have enough resources to meet long-term national needs. The MTI had already trimmed its growth expectations once this year, in May 2019, when it lowered the upper bound from 3.5 per cent, and forecast growth of 1.5 per cent to 2.5 per cent. Gross Domestic Product of Singapore grew 0.7% in 2019 compared to last year. "The government will continue to monitor the situation closely because every economic cycle is different and we must apply the right measures in order to effectively support our businesses and workers," he said on Facebook on Tuesday evening. Still, Singaporeans "need not be overly pessimistic", Minister for Trade and Industry Chan Chun Sing said in a statement, citing a recent S$2.1 billion investment by energy company Neste as proof of "the confidence that investors have in our long-term value proposition". It also cited a Chinese economic slowdown, political turmoil in Hong Kong, higher chances of a "no-deal Brexit" and the tensions in both North Korea and the Strait of Hormuz as risks. [HOUSTON] Chevron will lay off about 25 per cent of Noble Energy's employees who joined the oil major after its US$4... [PARIS] Nearly 200 European airports risk insolvency in the coming months if passenger traffic does not recover, a... [BENGALURU] Home-rental startup Airbnb said on Tuesday it plans to list its shares on the Nasdaq, setting the stage... [HONG KONG] Hong Kong police on Tuesday detained three people under the city's contentious national security law on... [NEW YORK] Novavax on Tuesday delayed the timeline for beginning a late-stage US trial of its experimental... © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. © 2018 Government of Singapore. Evolution: GDP growth rate at constant prices Singapore, Subscribe to our free email alert service, ‹ Sierra Leone GDP - Gross Domestic Product, Producer price goes up in September of 2020 in Canada, Producer price remains unchanged in September of 2020 in Belgium, Producer price goes up in September of 2020 in Bulgaria. premium content on your favourite platforms, Hong Kong police detain three under national security law, US consumer confidence falls as outlook turns gloomy, Orders for US core capital goods beat expectations in September, Travellers from more countries allowed to serve stay-home notices at own place of residence, Hong Kong to further relax restrictions on bars and restaurants, reopen beaches, Chevron to lay off about 25% of Noble Energy employees after merger, Novavax delays US trial start of Covid-19 vaccine to November, Brokers' take: Singtel may commit over S$600m to Grab digital-bank venture, Stocks to watch: SIA Engineering, Singtel, Sembcorp, Ascendas Reit, AIMS Apac Reit, Why Evergrande's investors can't afford to force a default, Brokers' take: Ascendas Reit upgraded to 'add', analysts note strong fundamentals, Revez Corp acquires PGK Digital Networks for S$2.4m. Selected Countries and Economies. Budget 2019 will provide more support for Singaporeans. "The downturn in these clusters will also continue to have negative spillover effects on the wholesale trade segment," said the ministry, while adding that growth in other trade-related sectors, such as transport and storage, could suffer as well. CSV XML EXCEL. "Looking ahead, GDP growth in many of Singapore’s key final demand markets in the second half of 2019 is expected to slow from, or remain similar to, that recorded in the first half," the MTI said in a statement. Last Updated 01 Dec 2018, © 2018 Government of Singapore Linking our city to the world, ensuring a sustainable environment for all, and building endearing homes for our people. The GDP per capita of Singapore in 2019 was €58,934$65,977, €2,881$1,398 higher than in 2018, it was €56,053$64,579. A version of this article appeared in the print edition of The Straits Times on October 10, 2019, with the headline 'Singapore economy ranked world's most competitive'. Singapore gdp growth rate for 2019 was 0.73%, a 2.7% decline from 2018. But, even so, “the downside risks are there”, she cautioned. Email us at The industry bearishness has come even after Deputy Prime Minister Heng Swee Keat, who is also Finance Minister, rebuffed fears of a severe economic contraction in mid-July. Singapore gdp growth rate for 2017 was 4.34%, a 1.09% increase from 2016. SINGAPORE has cut its official growth forecast for the second quarter running, on a flat economic performance in the first half of the year. Also, the trade conflict could cripple an electronics sector already in cyclical downturn and “hijack chances of bottoming in electronics, threatening to prolong pain with a double dip”. “It really depends just on growth in these sectors - whether it’s finance, whether it’s ICT, or not; but also, I suppose, how manufacturing and so on continues to move forward. The GDP figure in 2019 was €332,330$372,044 million, Singapore is number 34 in the ranking of GDP of the 196 countries that we publish. GDP growth (annual %) - Singapore from The World Bank: Data. But quarterly economic data has continued to soundly disappoint. Overall, the manufacturing sector was down by 3.1 per cent year on year, widening from the 0.3 per cent contraction in the first quarter, on the protracted declines in electronics and precision engineering. The absolute value of GDP in Singapore rose €16,246$7,905 million with respect to 2018. Singapore Budget website will be undergoing scheduled maintenance on 21 Dec 2019 (Saturday), from 2200hrs to 22 Dec 2019 (Sunday), 0600hrs and will not be available during this period. The recovery in construction is expected to be sustained, said the MTI. To view the evolution of the GDP per capita, it is interesting to look back a few years and compare these data with those of 2009 when the GDP per capita in Singapore was €27,970$38,927. The MTI also noted that "the Singapore economy is likely to continue to face strong headwinds for the rest of the year", and singled out the electronics and precision engineering clusters, where weakness in the first half is expected to stretch into the rest of the year on poor global semiconductor demand. The absolute value of GDP in Singapore rose €16,246 $7,905 million with respect to 2018. So we have to watch out for that.”. Yong Yik Wei, director of the MTI’s economics division, added that Singapore is also, “given that the first half growth was 0.6 per cent… basically looking at similar growth in year-on-year terms in the second half”. Meanwhile, construction - which was in negative territory in 2018 - has grown by 2.9 per cent, beating the previous quarter’s 2.8 per cent expansion. “So the extent to which I think they can sort of offset (manufacturing) is quite hard to tell,” he said. Ensuring a safe and secure home for all Singaporeans. Finance Minister Heng Swee Keat delivered the Budget 2019 Round-Up Speech in Parliament on 28 February 2019, highlighting the ‘Singapore Way’ in planning for the country’s Budgets. This rate is 27 -tenths of one percent less than the figure of 3.4% published in 2018. "Looking ahead, GDP growth in many of Singapore’s key final demand markets in the second half of 2019 is expected to slow from, or remain similar to, that recorded in the first half," the MTI said in a statement. Minister for Finance, Mr Heng Swee Keat, delivered the FY2019 Budget Statement on 18 Feb 2019. “Prospects for the externally oriented sectors look a tad dismal,” Vishnu Varathan, head of economics and strategy at Mizuho Bank, wrote in a morning report. The gross domestic product (GDP) is likely to come in between zero growth and 1 per cent for the full year, the Ministry of Trade and Industry (MTI) said early on Tuesday. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. Stamp Duty collections are estimated to increase by $0.9 billion (or 23.0%) to $4.6 billion, mainly due to higher-than-expected transaction volume in the property market. Learn how the Singapore Budget is prepared each financial year. “Naturally, given how uncertain and unpredictable the situation is, I think it would be a little bit premature to talk about 2020’s forecast,” Mr Lim told reporters. Corporate Income Tax collections are estimated to increase by $1.0 billion (or 6.8%) to $16.1 billion, due to stronger-than-expected economic growth. RESEND The latest downgrade came as the MTI affirmed its flash estimate for second-quarter GDP growth of 0.1 per cent, on better-than-feared factory and construction data, even as growth in the services sector was moved down by a smidgen. Hello, your email is unverified. "At the same time, the chemicals cluster is likely to soften given weakening import demand from China.". Led by finance and insurance and information and communications (ICT), Singapore’s services industries notched growth of 1.1 per cent over the year before - easing a tad from 1.2 per cent in the first three months. "We have always overcome challenging economic cycles in the past by standing united and building on our strong fundamentals and this time is no different.".

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