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Economic Growth and Development in Singapore

Past and Future

Gavin Peebles and Peter Wilson

In this book Gavin Peebles and Peter Wilson offer an historical overview of the rapid growth and development of the Singapore economy, detailing the institutions and policies which have made this growth possible. They examine the current state of the economy and its future in terms of prospective growth and structural change.
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Appendix A: Statistics and sources

Past and Future

Gavin Peebles and Peter Wilson


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. We are grateful to the...

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