Singapore - Nominal Gross Domestic Product





Singapore: Nominal Gross Domestic Product

Mnemonic GDP.ISGP
Unit Mil. SGD, NSA
Adjustments Not Seasonally Adjusted
Annual 4.77 %
Data 2018 487,087
2017 464,928

Series Information

Source Singapore Department of Statistics (DOS)
Release National accounts
Frequency Quarterly
Start Date 12/31/1960
End Date 12/31/2018

Singapore: GDP

Reference Last Previous Units Frequency
Nominal Fixed Investment (gross fixed capital formation) 2018 119,177 122,895 Mil. SGD, NSA Annual
Nominal Gross Domestic Product 2018 487,087 464,928 Mil. SGD, NSA Annual
Private Consumption 2018 166,331 162,094 Mil. SGD, NSA Annual
Real Fixed Investment (gross fixed capital formation) 2018 Q4 30,332 26,730 Mil. 2010 SGD, NSA Quarterly
Real Gross Domestic Product 2018 Q4 112,615 110,652 Mil. 2010 SGD, NSA Quarterly
Real Investment 2018 Q4 33,749 30,652 Mil. 2010 SGD, NSA Quarterly
Real Private Consumption 2018 Q4 40,146 37,499 Mil. 2010 SGD, NSA Quarterly
Investment 2017 110,971,600,000 113,639,800,000 SGD Annual

Release Information

The Singapore Department of Statistics compiles GDP estimates by the output, expenditure and income approaches.  Two public releases of GDP estimates are made for each reference quarter.

The System of National Accounts (SNA) is used as the overall conceptual framework. Singapore has adopted the major recommendations of the 2008 SNA. 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.

tes: GDP estimates are valued at market prices, that is, the prices actually paid by the purchaser. 

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: They 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.

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.

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 5 years.

Gross National Income (GNI): Refers to 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: Refers to the aggregate value of GNI accrued to Singaporeans.

Gross Domestic Product (GDP): Refers to the aggregate value of the goods and services produced in the economic territory of Singapore.

Output-based GDP: Refers to the sum of gross value added generated by economic activities in the domestic economy.

Expenditure on 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.

Income Components of 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.

Valuation of GDP Estimansive and up-to-date information, the estimates have been revised, especially for the last two years.

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 2 years after first release, and the final data are published in the QES and AES publications.