Singapore’s Real Gross Domestic Products (GDP) grew below 3.0% in year 2008, 2009, 2012, 2014 and 2015.
For the past three years, GDP growth rates were 3.0%, 3.7% and 3.1% respectively. As for this year 2019, the Ministry of Trade & Industry (MTI) is planning to revise the GDP estimate downwards from 1.5% to 2.5% initially estimated.
Real GDP Growth Rates
Source: DOS Singapore
2019 is on track to show a weak performance in the economy compared to 2018. It was in 2012 when we saw a weak economy after the Global Financial Crisis (2007-2009). It is discomforting even when the economy would not slip into recession for the whole year this year.
I am now back to austerity drive to cut back on unnecessary expenditures. Without a steady income stream and one that is affected by the economy, it is necessary to watch my spending. One good thing that happened this year was that I had given up my car. This is a great saving for me. I am also looking at other ways to cut on discretionary expenditure.
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