17 February 2020. The Ministry of Trade and Industry (MTI) announced today that the Singapore economy grew by 0.7 per cent in 2019. For 2020, MTI has downgraded the GDP growth forecast to “-0.5 to 1.5 per cent”, with growth expected to come in at around 0.5 per cent, the mid-point of the forecast range. 

Economic Performance in Fourth Quarter 2019 

The Singapore economy grew by 1.0 per cent on a year-on-year basis in the fourth quarter, faster than the 0.7 per cent growth in the third quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 0.6 per cent compared to the 2.2 per cent growth in the preceding quarter.

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Economic Survey of Singapore 2019

MINISTRY OF TRADE AND INDUSTRY
17 February 2020