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Economy in Brief

Singapore: Latest of Pacific Rim Countries to Report First Quarter GDP
by Louise Curley May 21, 2007

Singapore released data on its first quarter gross domestic product today. Although the quarterly year over year increases have been decelerating over the past year, GDP is holding up better than expected. The seasonally unadjusted GDP increased 6.13% in the first quarter, somewhat higher than consensus expectations.

Part of the better than expected performance is due to the fact that the expected sluggish demand for Singapore's exports from the United States and Europe has been more than offset by strong demand from its neighbors in the Pacific Rim, as can be seen in the first two charts. An additional factor has been the increasing importance of the service industries in Gross Value Added. As can be seen in the third chart, the value added by the service industries has been increasing faster than that of the goods producing industries.

Singapore is the fifth among the countries of the Pacific Rim that have so far this year released first quarter gross domestic product data. Hong Kong, Indonesia and South Korea have shown a deceleration in growth, similar to that shown by Singapore. The exception has been China, which showed an increase in quarterly growth to 11.1% in the first quarter of 2007 compared with growth of 10.4% in the fourth quarter of 2006.

The year over year increases in the seasonally unadjusted data for Hong Kong, Indonesia, South Korea and Singapore are shown in the fourth char.t

Q1 07 Q4 06  Q3 06 Q2 06 Q1 06 2006 2005 2004
China 11.1 10.4 10.6 11.3 10.4 10.7 9.9 9.5
Singapore 6.13 6.60 7.01 7.97 10.03 7.89 6.62 7.88
Hong Kong 5.64 7.27 6.77 5.58 8.07 6.92 7.52 8.58
Indonesia 5.96 6.11 5.87 4.96 4.98 5.48 5.66 5.65
South Korea 4.00 3.96 4.85 5.05 5.34 4.99 4.20 4.73
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