Singapore, 14 July 2021 – Based on advance estimates, the Singapore economy grew by 14.3 per cent on a year-on-year basis in the second quarter of 2021, extending the 1.3 per cent growth in the previous quarter.
The strong growth was largely due to the low base in the second quarter of 2020 when GDP fell by 13.3 per cent due to the Circuit Breaker measures implemented from 7 April to 1 June 2020. In absolute terms, GDP in the second quarter of 2021 remained 0.9 per cent below its pre-pandemic level in the second quarter of 2019.
On a quarter-on-quarter seasonally-adjusted basis, the Singapore economy contracted by 2.0 per cent in the second quarter of 2021, a reversal from the 3.1 per cent growth in the preceding quarter.
The construction sector expanded by 98.8 per cent on a year-on-year basis in the second quarter of 2021, a turnaround from the 23.1 per cent contraction in the preceding quarter. The sharp upturn was due to low base effects as the CB measures had resulted in a stoppage of most construction activities in the second quarter of last year.
In absolute terms, the value-added of the sector remained 31.6 per cent below its pre-pandemic (i.e., second quarter of 2019) level. On a quarter-on-quarter seasonally-adjusted basis, the construction sector shrank by 11.0 per cent in the second quarter of 2021, a reversal from the 4.5 per cent growth in the previous quarter.
Gross Domestic Product in Chained (2015) Dollars
| 2Q20 | 3Q20 | 4Q20 | 2020 | 1Q21 | 2Q21* | |
| Percentage change over corresponding period of previous year | ||||||
| Overall GDP | -13.3 | -5.8 | -2.4 | -5.4 | 1.3 | 14.3 |
| Goods Producing Industries | -10.0 | 1.1 | 3.9 | 0.3 | 5.9 | 22.2 |
| Manufacturing | -0.4 | 11.0 | 10.3 | 7.3 | 11.3 | 18.5 |
| Construction | -65.6 | -52.5 | -27.4 | -35.9 | -23.1 | 98.8 |
| Services Producing Industries | -12.7 | -8.3 | -4.7 | -6.9 | -0.5 | 9.8 |
| Wholesale & Retail Trade and Transportation & Storage |
-14.7 |
-11.7 |
-6.4 |
-9.5 |
-1.7 |
9.3 |
| Information & Communications, Finance & Insurance and Professional Services |
-2.4 |
0.1 |
1.4 |
0.9 |
3.2 |
7.8 |
| Accommodation & Food Services, Real Estate, Administrative & Support Services and Other Services |
-22.2 |
-14.0 |
-9.9 |
-12.8 |
-3.8 |
13.4 |
| 2Q20 | 3Q20 | 4Q20 | 2020 | 1Q21 | 2Q21* | |
| Quarter-on-quarter growth rate, seasonally-adjusted | ||||||
| Overall GDP | -13.1 | 9.0 | 3.8 | -5.4 | 3.1 | -2.0 |
| Goods Producing Industries | -15.4 | 11.9 | 1.8 | 0.3 | 9.9 | -2.5 |
| Manufacturing | -7.6 | 9.7 | -1.4 | 7.3 | 11.4 | -1.8 |
| Construction | -65.6 | 37.5 | 55.6 | -35.9 | 4.5 | -11.0 |
| Services Producing Industries | -10.4 | 5.5 | 4.1 | -6.9 | 1.0 | -1.0 |
| Wholesale & Retail Trade and Transportation & Storage | -10.4 | 2.0 | 4.1 | -9.5 | 3.4 | -0.4 |
| Information & Communications, Finance & Insurance and Professional Services | -3.8 | 3.4 | 5.1 | 0.9 | -1.2 | 0.4 |
| Accommodation & Food Services, Real Estate, Administrative & Support Services and Other Services |
-17.7 |
12.0 |
5.7 |
-12.8 |
-1.3 |
-3.0 |
*Advance estimates
Source: Ministry of Trade and Industry
