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Motivation: Our national source for Singapore reports quarterly total GDP in real seasonally adjusted (SA) terms. However, its components (expenditure approach) are only provided in not seasonally adjusted (NSA) terms (the fundamentals).
Response: For international consistency, we have created a full set of real GDP (expenditure approach) components at a seasonally adjusted annual rate (SAAR) (the supplements).
Properties: The supplements are in millions of 2005 Singapore dollars (Mil. 2005 SGD) SAAR. The nine series begin at 1975Q1. Expect these series to be revised with each update of the fundamentals. Two sample mnemonics are:
- NACEEXAQ.ISGP - Exports of goods and services, real
- NACEGFCFAQ.ISGP - Gross fixed capital formation, real
Method:
- Annualize the SA total real GDP (NACGDPMPAQ.ISGP).
- Separately seasonally adjust six of the nine series using the U.S. Census Bureau's X-12 ARIMA program.
- Compute the remaining three series as identities:
- Net exports of goods and services (NACENEXAQ.ISGP) = Exports (NACEEXAQ.ISGP) - Imports (NACEIMAQ.ISGP).
- Change in inventories (NACECIAQ.ISGP) = Gross capital formation (NACEGCFAQ.ISGP) - Gross fixed capital formation (NACEGFCFAQ.ISGP).
- Statistical discrepancy (NACESDAQ.ISGP) = GDP (NACEGDPAQ.ISGP) – sum of all other components.
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