Past and Future
Appendix A Statistics and sources RECENT REVISIONS TO THE DATA Since the appearance of Peebles and Wilson (1996) Singapore’s national accounts have been revised in a number of ways. One is that a new methodology has been adopted for estimating the output of parts of the ﬁnancial services sector, a sector that is becoming more signiﬁcant in the economy, and will provide more accurate measures of its output. This has had the aﬀect of revising slightly the growth rates of GDP in recent years and they might diﬀer from those that can be found in other sources that cover the same period. The department of statistics has adopted the suggestion to classify output into two broad sectors: that of the goods-producing industries and the service-producing industries. They are as follows: Goods-producing industries Manufacturing Construction Utilities Other goods industries (agriculture, ﬁshing and quarrying) Service-producing industries Wholesale and retail trade Hotels and restaurants Transport and communications Financial services Business services Other service industries The sum of these items plus the value of services of owner-occupied dwellings plus taxes and duties on imports, minus bank service charges equals GDP at market prices. The Consumer Price Index was rebased using weights derived from the Household Expenditure Survey 1997/1998 so that now the period November 1997–October 1998ϭ100. This has the eﬀect of reducing slightly the estimates of inﬂation in recent years compared to those implied by the former index that used weights for a period ﬁve years earlier....
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