Singapore GDP annual growth rates and STI (1997 to 2013) – Updated

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
1997 + 8.3 1529
1998 – 2.2 1392
1999 + 6.1 2479
2000 + 8.9 1926
2001 – 1.0 1623
2002 + 4.2 1341
2003 + 4.4 1764
2004 + 9.5 2066
2005 + 7.5 2347
2006 + 8.9 2985
2007 + 9.1 3482
2008 + 1.8 1761
2009 – 0.6 2897
2010 + 15.2 3190
2011 + 6.1 2646
2012 + 2.5 3167.08
2013 + 3.9 3167.43

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 %.

Copyright © 2014, limkimtong for Living Investment

The material presented is intended to be general and written in layman’s language as much as it is possible. The author shall not be liable for any direct or consequential loss arising from any use of material written. Please seek professional advice from your financial advisor or financial institutions on material written covering financial matters.

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