The Singapore Department of Statistics has completed the rebasing of the Singapore System of National Accounts (SSNA) to reference year 1995. The estimates of production and expenditure on the Gross Domestic Product (GDP) at constant prices will now be expressed in terms of prices prevailing in 1995, instead of prices prevailing in 1990. The rebased GDP series will be adopted as the basis for reporting GDP growth rates with effect from the Annual Economic Survey of Singapore 2002.

The rebasing exercise not only revalues GDP at the new base year, but also serves to reconcile the different estimates of GDP and provides the occasion for methodological and conceptual reviews and improvements. The information paper entitled "Rebasing of the Singapore System of National Accounts to Reference Year 1995" (578kb) presents and explains the various methodological changes and improvements, in particular, the adoption of basic price in the valuation of output. Their consequent impact on real GDP estimates is also presented and analysed.