Question

Mr Shawn Huang Wei Zhong: To ask the Minister for Trade and Industry (a) what percentage of the current GDP can be attributed to real estate and its peripheral services; and (b) what percentage of the economic growth of Singapore in 2020 and 2021 is attributed to the growth in the real estate sector.

Written Answer by Minister for Trade and Industry Gan Kim Yong

1. The real estate sector accounted for 3.0 per cent of Singapore’s nominal GDP in 2020. It contributed -0.5 percentage-point (pp) to the -5.4 per cent contraction in 2020 and 0.3pp to the 7.2 per cent growth in real GDP in 2021.