Singapore GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

4.1

Units In

2.9

Frequency

Quarterly

Next Release

Nov 22, 2024

Time to Release

1 Months 6 Days 23 Hours

Highest	Lowest	Average	Date Range	Source
18.6 Jun 2010	-13.3 Jun 2020	6.02 %	1976-2024	Statistics Singapore

In Singapore, services are the biggest sector of the economy and account for 72 percent of GDP. Within services the most important segments are: wholesale and retail trade (18 percent of total GDP); business services (16 percent); finance and insurance (13 percent), transport and storage (10 percent) and information and communications (5 percent). Industry contributes the remaining 28 percent total output. Manufacturing (21 percent) and construction (5 percent) are the most important industry segments.

Latest Updates

Singapore’s economy expanded by 4.1% year-on-year in the third quarter of 2024, accelerating from a 2.9% growth in the second quarter, an advance reading showed. GDP growth was primarily driven by a 6.6% gain in goods producing industries, with the manufacturing and construction sectors rising 7.5% and 3.1%, respectively. Services producing industries also saw a 3.3% growth, broken down into wholesale & retail trade and transportation & storage (3.5%), information & communications, finance & insurance and professional services (4.3%) and accommodation & food services, real estate, administrative & support services and other services (1%). On a quarterly basis, the economy expanded 2.1% in the third quarter, faster than the 0.4% growth in the second quarter.