Singapore GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

4.3

Units In

5.4

Frequency

Quarterly

Next Release

Feb 14, 2025

Time to Release

1 Months 11 Days 7 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 grew by 4.3% year-on-year in the fourth quarter of 2024, slowing from a 5.4% expansion in the third quarter but exceeding market expectations of 3.8%. For the full year, the economy expanded by 4%, outperforming the 1.1% growth seen in 2023 and surpassing forecasts of 3.5%. The manufacturing sector grew by 4.2% YoY in Q4, a marked slowdown from the 11.1% expansion in the previous quarter. Meanwhile, the construction sector posted a solid 5.9% growth in Q4, accelerating from the 4.7% increase in the third quarter. Services-producing industries collectively grew by 4.1% YoY in Q4, driven primarily by growth in wholesale & retail trade, transportation & storage, as well as information & communication, finance & insurance, and professional services.