Singapore GDP growth from 1961 to 2008

Posted on Friday, January 1, 2010 by Abhijit

This chart shows how the Singapore gross domestic product has grown over the years — from 7,246.57,246.5 million Singapore dollars (SGD) in 1961 to 233,524.5 million Singapore dollars (about $166,221.4 million) in 2008. It is based on records kept by the Singapore Department of Statistics, which calculates the GDP at 2000 market prices. See the original data here.

Sing_gdp61_2008

The Singapore economy has shrunk only five times in all these years:

  • By 3.8% in 1964, when it fell from SGD8,521.7 million to SGD8,194.2 million (when Minister Mentor Lee Kuan Yew was the prime minister)
  • By 1.4% in 1985, when it fell from SGD52,004.5 million in 1984 to SGD51,254 million (also under Lee Kuan Yew)
  • By 1.4% in 1998, when it fell from SGD137,364.0 million in 1997 to SGD135,472.6 million (when Senior Minister Goh Chok was the prime minister)
  • By 2.4% in 2001, when it fell from SGD159,840.4 million in 2000 to SGD156,045.2 million (also under Goh Chok Tong)
  • By 2.1% in 2009 (under Prime Minister Lee Hsien Loong). The official GDP figures will be announced on January 4.

The GDP crossed

  • The SGD50,000 million mark in 1984, when it rose to SGD52,004.5 million
  • The SGD100,000 million mark in 1994, when it rose to SGD108,756.3 million
  • The SGD200,000 million mark in 2006, when it rose to SGD214,233.5 million.

Related posts:

  1. Happy New Year in Singapore’s flagging economy
  2. Singapore growth driven by biomedicals, construction, business services
  3. Singapore may face years of slow growth: PM Lee
  4. Singapore GDP up but growth likely to slow down, says MAS
  5. Singapore rapid recovery ending, wages, hirings down, slow growth next year: MAS
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2 Responses to Singapore GDP growth from 1961 to 2008

  1. Paul says:
    Saturday, January 2, 2010 at 2:25 pm

    2009 is the only recession that was not predicted by the political leadership.
    There were elections in 1963, 1984, 1997 and 2001
    The GDP per capita is a more useful indicator as Singapore’s population has ballooned especially in the last few years. Also interesting would be to show the average and median wages.
    Thanks anyway for putting this up

  2. Abhijit on pressrun.net says:
    Saturday, January 2, 2010 at 5:58 pm

    Thank you for recalling the earlier recessions occurred around the same time as elections. That didn’t occur to me. Yes, you are right GDP per capita would be a more useful indicator of the state of the economy. And average and median wages too. I will keep that in mind. Thank you.