Annual growth rates for Singapore real Gross Domestic Product (GDP) are mapped to the Straits Times Index (STI) at the end of each year.
This table is updated with new real GDP growth rates as a result of change in the base year in calculating GDP. The new base year is 2010 instead of 2005 used previously.
|Year||GDP growth rate (%)||STI|
Source: Singapore Department of Statistics (for GDP numbers)
Slowdown in GDP growth rates for 2008 (+1.8%) and 2009 (-0.6%) was the result of the global financial crisis. In 2010, GDP grew a spectacular 15.2%. In 2011, the GDP growth rate was a good 6.1% but it turned down to grow only 2.5% in 2012.
As for 2013, GDP re-bounded and grew at 3.9%. Though a reasonable growth rate, the Straits Times Index (STI) did not reflect the fact that the Singapore economy did ok. The STI remained flat between end 2012 and end 2013.
Because STI tends to be forward looking of the economy 6 months ahead, analysts and investors were not overly optimistic of Singapore condition 6 months to one year ahead. There are still uncertainties in the global economy (in particular China economy affecting the rest of the world). There are political risks too, such as Ukraine crisis, Thailand political stalemate, and China territorial claims of the East China and South China seas.
Forecast of GDP for 2014
The Ministry of Trade and Industry (MTI) forecasted the GDP growth rate for this year to be in the range of 2.0 to 4.0 %.
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