2017 Economic Calendar
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Singapore : GDP  
Released On 5/24/2017 8:00:00 PM For Q1(f), 2017
PriorActual
Q/Q-1.9 %-1.3 %
Yr/Yr2.5 %2.7 %

Highlights
Final estimates for Singapore's gross domestic product in the three months to March showed an annualised decline of 1.3 percent on the quarter, somewhat better than the advance estimate for a fall of 1.9 percent. This follows strong growth of 12.3 percent on the quarter in the three months to December.

Year-on-year growth in Singapore's GDP in the three months to March was revised from an advance estimate of 2.5 percent to 2.7 percent, just down from the 2.9 percent year-on-year growth recorded in the three months to December.

The upward revision to headline GDP growth was mainly driven by more complete data showing stronger activity in the manufacturing sector. Manufacturing was initially estimated to have contracted by 6.6 percent on the quarter and to have expanded by 6.6 percent on the year in the three months to March. These estimates have now been revised to a smaller contraction of 1.4 percent on the quarter and a stronger expansion of 8.0 percent on the year. Nevertheless, these revised estimates confirm that manufacturing activity weakened significantly from that recorded in the previous quarter, in large part reflecting typical volatility in parts of the sector, particularly pharmaceuticals.

Revised estimates showed slightly weaker growth in the three months to March compared with initial estimates for the construction sector but slightly stronger growth for the services sector. Both of these sectors however, posted stronger year-on-year growth in the three months to March than they did in the three months to December. Growth in the services sector picked up from 1.0 percent to 1.6 percent, while the construction sector contracted by 1.1 percent after a decline of 2.8 percent previously.

Looking forward, officials continue to forecast annual growth of between 1.0 percent and 3.0 percent for 2017 and are now more confident that growth will likely exceed 2.0 percent. This reflects an assessment that an improved outlook for advanced economies will provide further support to the trade-related parts of the Singapore economy, including the manufacturing sector and the transportation and storage industry.

Definition
GDP refers to the aggregate value of the goods and services produced in the economic territory of Singapore. GDP estimates are compiled by the output, expenditure and income approaches. Output-based GDP refers to the sum of gross value added generated by economic activities in the domestic economy. Expenditure-based GDP refers to the sum of private consumption expenditure of households including non-profit institutions serving households, government consumption expenditure, gross capital formation and net exports of goods and services. Income-based GDP refers to the sum of incomes receivable by each institutional sector from the domestic production of goods and services which includes compensation of employees, gross operating surplus and taxes (less subsidies, if any) on production and on imports
In order to compare the real value of output/expenditure over time, it is necessary to remove the effect of price changes. This is achieved by selecting the price structure of 2010 as the base according to which the goods and services in other years are re-valued. The resulting aggregates after adjustment for price changes are known as constant-price estimates.
The advance GDP estimates are computed largely from data in the first two months of the quarter (e.g. 1st Quarter is based on Jan and Feb; 2nd Quarter is based on Apr and May). They are intended as early estimates of GDP growth in the quarter, and are subject to revision when more comprehensive data become available.  Why Investors Care
 

2017 Release Schedule
Released On: 1/22/164/125/247/138/1010/1211/22
Release For: Q4(a):2016Q4(f):2016Q1(a):2017Q1(f) 2017Q2 2017Q2 2017Q3 2017Q3 2017
 


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