Singapore GDP Annual Growth Rate

Last Release

Mar 31, 2025

Actual

3.8

Units In

Frequency

Quarterly

Next Release

May 26, 2025

Time to Release

1 Months 9 Days 23 Hours

Highest	Lowest	Average	Date Range	Source
18.6 Jun 2010	-13.3 Jun 2020	6.01 %	1976-2025	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 3.8% yoy in Q1 of 2024, slowing from a 5.0% increase in Q3 and falling short of market consensus of 4.2%, flash data showed. It was the softest growth since Q2 of 2024 amid mounting external headwinds. Growth in the manufacturing sector slowed (5.0% vs 7.4% in Q3), with gains across all clusters except chemicals and general manufacturing. Also, services activity moderated (3.4% vs 4.6%), as wholesale and retail trade, communication, and finance & insurance sectors saw slower growth, while accommodation remained steady. Construction output rose slightly faster (4.6% vs 4.4%), driven by increased activity in public and private sector projects. Quarterly, the country's GDP contracted by 0.8%, reversing a 0.5% rise in Q3 and marking the first decline in two years. For 2025, the government expects the economy to grow between 0% and 2%, down from an earlier forecast of 1% to 3%. Last year, the GDP increased by 4%, much stronger than a 1.1% gain in 2023.