Singapore GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

2.9

Units In

2.7

Frequency

Quarterly

Next Release

Nov 22, 2024

Time to Release

3 Months 7 Days 0 Hours

Highest	Lowest	Average	Date Range	Source
18.6 Jun 2010	-13.3 Jun 2020	6.03 %	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 2.9% year-on-year in the second quarter of 2024 following a 3% growth in the first quarter, a final reading showed. The city-state also revised its 2024 GDP forecasts to 2% to 3% from a previous estimate of 1% to 3%. GDP growth in the second quarter was primarily driven by the wholesale trade, finance & insurance, and information & communications sectors. By contrast, the manufacturing sector shrank, largely due to a contraction in the biomedical manufacturing cluster caused by a sharp fall in pharmaceuticals output. The electronics cluster returned to growth, supported by strong demand for smartphone, PC and AI-related chips even as demand for automotive and industrial chips remained weak. Meanwhile, consumer-facing sectors such as the retail trade and food & beverage services sectors shrank, partly due to an increase in outbound travel by locals.