Statistical Concepts, Methods and IT Applications

Rebasing of Singapore's National Accounts to Reference Year 2005

The Singapore Department of Statistics (DOS) has completed the rebasing of the Singapore’s national accounts to reference year 2005. The estimates of Gross Domestic Product (GDP) at constant prices will now be expressed in terms of prices prevailing in 2005. The rebased GDP series will be adopted as the basis for reporting GDP growth rates with effect from the Economic Survey of Singapore for 1st Quarter 2010.

The rebasing exercise also serves to reconcile the different estimates of GDP and provides the occasion for methodological and conceptual reviews and improvements. The information paper "Rebasing of Singapore’s National Accounts to Reference Year 2005" pdf (1,207kb) presents and explains the various methodological changes and improvements, in particular, the implementation of the recommendations in the United Nations System of National Accounts on the estimation and allocation of implicit charges for financial services. Their consequent impact on the GDP estimates is presented and analysed.