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Advance GDP estimates for 2nd Quarter 2004

The Singapore economy maintained its strong growth momentum in the second quarter of 2004.

Advance estimates1 show that real gross domestic product (GDP) in the quarter increased by 11.7 per cent over the same period in 2003.

The high year-on-year growth rate was indicative of the economy’s recovery from the severe impact of SARS a year ago as well as the continuing pickup in global economic activity.

On an annualised quarter-on-quarter basis, Singapore’s GDP posted growth of 9.1 per cent in the second quarter.

Gross Domestic Product at 1995 Prices (*Advance Estimates)

(Percentage change over corresponding period of previous year)

  1Q04 *2Q04
Overall GDP 7.4 11.7
Goods-Producing Industries    
Manufacturing 10.9 18.0
Construction 2.0 -4.5
Services-Producing Industries 6.0 11.0
  2Q03 3Q03 4Q03 2003
Overall GDP -3.9 1.7 4.9 1.1
Goods-Producing Industries        
Manufacturing -6.3 3.3 8.9 2.8
Construction -10.2 -9.6 -8.1 -10.7
Services-Producing Industries -3.0 1.7 4.3 1.0

Largely reflecting favourable conditions in the external economic environment, the manufacturing sector is estimated to have grown by 18 per cent in the second quarter.

The electronics cluster remained an important source of growth, led by surging output of semiconductors as well as infocomms and consumer electronics.

The biomedical manufacturing cluster also grew strongly in the quarter, while the precision engineering and transport engineering clusters turned in smaller gains.

The construction sector reverted to a contraction of 4.5 per cent in the second quarter, after registering a small gain in the first quarter of 2004, as activity in both the public and private sectors slowed.

The services-producing industries are estimated to have grown by 11 per cent in the second quarter. This partly reflected the recovery of sectors that were most affected by SARS in the second quarter of 2003.

The resumption of international travel had a particularly strong positive impact on the hotels and restaurants sector as well as the transport and communications sector.

During the quarter, accelerating growth of entrepot trade also boosted activity in the wholesale and retail trade sector, while the financial and business services sectors registered positive growth as well.

The preliminary GDP estimates for the second quarter, including sectoral performances, sources of growth, inflation, employment and productivity, will be released in August 2004 in the Economic Survey of Singapore.

 1 The advance GDP estimates for second quarter 2004 are computed largely from the first two months’ data (i.e. April and May 2004). They are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available.

Source: Ministry of Trade & Industry Press Release 12 Jul 2004


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13 July 2004