The Singapore Department of Statistics has completed the rebasing of the Singapore System of National Accounts (SSNA) to reference year 2000. The estimates of production and expenditure on Gross Domestic Product (GDP) at constant prices will now be expressed in terms of prices prevailing in 2000, instead of prices prevailing in 1995. The rebased GDP series will be adopted as the basis for reporting GDP growth rates with effect from the Annual Economic Survey of Singapore 2005.

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 titled "Rebasing of Singapore’s National Accounts to Reference Year 2000" (1,207kb) presents and explains the various methodological changes and improvements, in particular, the capitalisation of software in the national accounts. Their consequent impact on real GDP estimates is also presented and analysed.