Statistical Concepts, Methods and IT Applications
Rebasing of Singapore's National Accounts to Reference Year 2010
The Singapore Department of Statistics (DOS) has completed the rebasing of Singapore’s national accounts to reference year 2010. The estimates of Gross Domestic Product (GDP) at constant prices will now be expressed in terms of prices prevailing in 2010. 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 2014.
The rebasing exercise also serves to reconcile the different estimates of GDP from the production, expenditure and income approaches, and provides the opportunity for methodological and conceptual reviews and improvements. The information paper "Rebasing of Singapore’s National Accounts to Reference Year 2010" (530kb) presents and explains the various methodological changes and improvements, in particular, the adoption of the recommendation in the United Nations System of National Accounts 2008 to capitalise research and development expenditure in the national accounts. The consequent impact of these changes and improvements on the GDP estimates is presented and analysed.