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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SingaporeSingapore GDP Growth Rate YoY Adv fell to 2.9% in April 2024
FMPQuarterlyReleased July 2024
Singapore GDP Growth Rate YoY Adv fell to 2.9% in April 2024, released July 2024, down 0.1% from March's 3.0% reading. The print exceeded the 2.7% consensus by 0.2%. The print is running well below the 12-month average of 3.34%. GDP Growth Rate YoY Adv is now the highest in 18 months.
Latest Release
2.9
Actual
2.7
Consensus
3
Previous
Median Absolute Error
±0.35 percentage points
across last 12 releases
Last Call
Jul 2024
Predicted: 2.7
Actual: 2.9
Error: -0.2
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| USD/SGD | ▼ Inverse | −0.50 | FOREX | Bullish SGD | → View |
| AUD/USD | ▲ Direct | +0.35 | FOREX | Watch | → View |
| EUR/USD | ▲ Direct | +0.30 | FOREX | Watch | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Watch | → View |
| S&P 500 | ▲ Direct | +0.30 | INDEX | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
GDP Growth Rate YoY Adv (Singapore) was reported at 2.9% in July 2024. This beat the market consensus of 2.7% by 0.2%. The reading fell from the previous value of 3%. This is classified as a medium-impact indicator released on a quarterly basis.
WHY IT MATTERS
The trailing three releases averaged 2.8%, up from the prior three at 0.5%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/SGD (Bullish SGD). A secondary relationship exists with AUD/USD, positively correlated (Watch). Over the last 12 releases, the Sigmacast model's median absolute error is 0.35%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include CPI YoY (May 25).
Auto-generated from current model state · Refreshes on each release · Last update July 2024.
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GDP Growth Rate YoY Adv - SG
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About GDP Growth Rate YoY Adv — Singapore
DEFINITION
The GDP Growth Rate YoY Adv is a key financial indicator that measures the annual percentage change in a country's gross domestic product (GDP). It provides valuable insights into the overall health and performance of an economy, as a higher growth rate indicates a stronger and more robust economy. This indicator is closely monitored by investors, policymakers, and businesses as it can impact investment decisions, government policies, and consumer confidence. A positive GDP Growth Rate YoY Adv is generally seen as a sign of economic growth and stability, while a negative growth rate may signal a potential economic downturn.
WHY THIS INDICATOR MATTERS
Aggregate growth figures anchor cyclical positioning across asset classes and inform fiscal and monetary policy debate. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released quarterly.
WHAT CHANGED THIS MONTH
Latest reading (Apr 2024): actual 2.9 %, consensus 2.7 %. Prior reading (Jan 2024): 2.7 %. Before that (Oct 2023): 2.8 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with USD/SGD (Bullish SGD, r=-0.50) — a useful reference for forex-focused traders.