Singapore economic indicators help in analyzing Singapore's economy. Strategic economic policies adopted by this nation, has turned it into one of Asia's strong performers. Various statistical details are available that could be used as indicators for Singapore's economy.
Singapore Ministry of Industry and Trade forecasts
Singapore's Ministry of Industry and Trade forecast a growth of about 2.5 percent for its economy in 2008. This forecast was made public through a press release on November 21, 2008. It also predicted an economic growth of -1.0 to +2.0 percent in 2009 for Singapore. These predictions have come in view of certain changes in Singapore economic indicators such as gross domestic product.
China GDP
Between July-September 2008, China's gross domestic product growth came down to 9 percent. In second quarter of 2008, China's GDP had registered a growth of 9.9 percent. Many analysts predict a grim scenario for China's gross domestic product performance in last quarter of 2008, claiming that it could be as low as 6 percent.
Singapore GDP
In 3rd quarter of 2008, Singapore GDP growth contracted by 0.6 percent. This percentage figure was calculated on a year-on-year basis. GDP growth, if taken on a quarter-on-quarter basis (annualized), slowed down by about 6.8 percent in third quarter. In 2nd quarter of 2008, gross domestic product growth had declined by 5.3 percent.
Contraction in certain sectors
Among all sectors in Singapore, manufacturing sector experienced maximum decline. This was followed by other sectors like electronics and biomedical sciences. Reasons cited for contraction in electronics sector included decline in global demand, and outsourcing of electronics production to other nations. Biomedical sciences sector was hampered due to production of pharmaceutical ingredients having less value, in comparison to last year.
Moderate growth in services sector
Singapore experienced moderate growth in services sector in third quarter of 2008. Growth of industries, which are part of services sector, was 5.3 percent in third quarter. In second quarter, growth in services sector was 7.1 percent. Industries offering financial services, transport, and wholesale trade, have been particularly affected.
Other Singapore economic indicators
Unemployment rate by end of third quarter 2008 was around 2.2 percent. Compared to previous year, same time period, unemployment rate has increased by 0.5 percent. Consumer price index was 6.6 percent in third quarter 2008. Exports rose by about 11.4 percent and imports by 22.2 percent.
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