2017 Economic Calendar
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Singapore : GDP  
Released On 8/10/2017 8:00:00 PM For Q2, 2017
PriorActual
Q/Q0.4 %2.2 %
Yr/Yr2.5 %2.9 %

Highlights
Final estimates for Singapore's gross domestic product in the three months to June showed an annualised increase of 2.2 percent on the quarter, significantly stronger than the advance estimate of 0.4 percent. This follows a decline of 2.1 percent on the quarter in the three months to March (revised from an earlier estimated decline of 1.9 percent).

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

The upward revision to headline GDP growth was mainly driven by more complete data showing stronger activity in the services sector. This was initially estimated to have risen by just 0.4 percent annualised on the quarter and 1.7 percent on the year in the three months to June, but is now estimated to have expanded by 3.3 percent on the quarter and by 2.4 percent on the year. This represents a strong rebound from the three months to March when activity in the services sector contracted by 2.0 percent annualised on the quarter.

Revised estimates for growth in the manufacturing and construction sectors are relatively little changed from the initial estimates. Manufacturing output is now estimated to have grown by 2.9 percent annualised on the quarter and 8.1 percent on the year, compared with the previous estimates of 2.4 percent and 8.0 percent. Construction activity is now estimated to have grown by 4.9 percent annualised on the quarter and to have contracted by 5.7 percent on the year, compared with the initial estates of growth of 4.3 percent and a decline of 5.6 percent.

Looking forward, officials are slightly more confident about the outlook for annual growth in 2017 given the confirmed strengthening in domestic activity in the three months to June and recent signs of improvement in the global growth outlook. Officials now forecast annual growth of between 2.0 percent and 3.0 percent for 2017 - with an expansion of 2.5 percent seen as the most likely outcome - compared with their previous forecast for growth of between 1.0 percent and 3.0 percent.

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: 1/22/164/125/247/138/10
Release For: Q4(a):2016Q4(f):2016Q1(a):2017Q1(f) 2017Q2 2017Q2 2017
 


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