Singapore - Imports of Goods and Services

The Singapore Department of Statistics compiles GDP estimates by the expenditure, output and income approaches, including GVA by industry and compensation of employees by industry. Two public releases of GDP estimates are made for each reference quarter. Quarterly from 1975.

Active:

• Framework: UN SNA 2008
• Industry classification: SSIC 2020
• Measurements:
  • Millions of Singapore dollars at chained year-2015 prices (Mil. Ch. 2015 SGD)
  • At current prices (Mil. SGD)
  • Fixed-base index relative to 2015 (Index 2015=100)
• Adjustments:
  • Seasonally adjusted (SA)
  • Not seasonally adjusted (NSA)
• Native frequencies:
  • Quarterly
  • Annual
• Start dates:
  • As early as 1975Q1
  • As early as 1960

Predecessors:

• At 2015 prices, SSIC 2015 - 1975 to 2021 (archive specifier "_I2015")
• At 2010 prices - 1975 to 2018 ("_10")
• At 2005 prices - 1975 to 2013 ("_05")
• At 2000 prices - 1975 to 2009 ("00")

The System of National Accounts (SNA) is used as the overall conceptual framework. Singapore has adopted the major recommendations of UN SNA 2008. The development of the Singapore economy depends heavily on foreign capital, foreign technology and foreign workers. Consequently, a large share of the compensation of employees and operating surplus, as recorded in national accounts, accrue to foreigners and foreign enterprises. Per capita Gross National Income as conventionally defined on a residential basis may not therefore reflect correctly the income accrued to Singaporeans. Hence, a series on indigenous per capita GNI which excludes the foreigners' contribution is compiled. This involves the calculation of income accruing to foreign workers and foreign enterprises in Singapore, and excluding it from GNI.

Valuation of GDP estimates: At market prices, that is, the prices actually paid by the purchaser.

Industrial activities are classified using the Singapore Standard Industrial Classification 2010 which is adapted from the International Standard Industrial Classification, Revision 4. The current base year is 2010. The frequency of update is once every five years.

Advanced estimates for GDP at 2010 market prices 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 an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available. Prior to 2010, the aggregates at 2010 prices may not equal the sum of their components.

Definitions

GDP at Constant Prices

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 2000 as the base according to which the goods and services in other years are revalued. The resulting aggregates after adjustment for price changes are known as constant-price estimates.

GDP Deflators

Provide a broad measure of the change in the overall level of prices of the goods and services that make up GDP between the base year 2000 and any other period. The deflators are derived as the ratio of the current price value of a component of GDP to its corresponding constant price value, with the base year index set at 100.

Gross National Income (GNI)

The sum of gross factor incomes (incomes arising from the involvement in production processes or ownership of assets that may be needed for production) receivable by resident units.

Indigenous GNI

The aggregate value of GNI accrued to Singaporeans.

Gross Domestic Product (GDP)

The aggregate value of the goods and services produced in the economic territory of Singapore.

Output-based GDP

The sum of gross value added generated by economic activities in the domestic economy.

Expenditure on GDP

The sum of private consumption expenditure of households including non-profit institutions serving households, government consumption expenditure, gross capital formation and net exports.

Income Components of GDP

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.

The data are provisional when first released, and this status is indicated in the quarterly and annual Economic Survey of Singapore (QES/AES). Quarterly and annual data for earlier years are revised at the time of publication of the annual Economic Survey of Singapore (AES). The data usually become final two years after first release, and the final data are published in the QES and AES publications.

Further reading

At the source:

• National accounts - Publications and methodology
• National accounts - Related info

At IMF (SDDS):

• National accounts