Singapore Economic Growth

As a result of singapores steady climate favorable investment conditions and the rapid expansion of the world economy from 1965 to 1972 the countrys gross domestic product gdp experienced annual double digit growth.

Hospitality and tourism webinar. This was the steepest contraction on record as the covid 19 crisis took a huge toll on the economy. 71 amid the covid 19 pandemic on 26 march 2020 singapores ministry of trade and industry said it believed that the economy would contract by between 1 and 4 in 2020. Markedly increased government spending should soften the downturn somewhat although uncertainty regarding the evolution of the pandemic clouds the outlook amid stubbornly high.

Singapore economic growth for 2017 was 34186b a 728 increase from 2016. Singapores economic freedom score is 894 making it the worlds freest economy in the 2020 index. Singapore gdp growth rate for 2018 was 344 a 09 decline from 2017.

Singapore is expected to experience an economic slowdown in 2019 with gdp growth slowing to 19 from 31 in 2018 due to tariff hikes from the united states and china. Singapore economic growth for 2016 was 31865b a 346 increase from 2015. Singapores economy shrank 132 year on year in the second quarter of 2020 after a preliminary 126 decline in the prior period and compared to a 03 decline in the previous quarter final data showed.

Gdp is now expected to contract between 7 and 5 in 2020. Singapore economic growth this year the economy is set to contract sharply as the pandemic inhibits consumption and heightened uncertainty delays fixed investment. For the whole of 2019 the singapore economy expanded by 07 slower than the 34 growth recorded in 2018.

This infographic is based on data compiled by the department of statistics other government agencies and statutory boards. Download historical data save as image. Singapores gdp growth forecast for 2020 to 70 to 50 per cent from 70 to 40 per cent.

For 2020 the government lowered economic growth forecast to 05 to 15 opening up the possibility of a recession this year on the back of the ongoing coronavirus outbreak. Construction was the main drag. Singapore economic growth for 2018 was 37322b a 917 increase from 2017.

Singapore gdp growth rate for 2019 was 073 a 27 decline from 2018. Economic performance in second quarter 2020 the singapore economy contracted by 132 per cent on a year on year basis in the second quarter worsening from the 03 per cent contraction in the previous quarter. Singapore gdp growth rate for 2016 was 324 a 026 increase from 2015.

In contrast manufacturing output fell further 23 vs 07.