The GDP of Singapore and Japan

He, Adel John // Rivera, Michael

Table 1
Japan’s GDP, Annual GDP Growth Rate and Average GDP Growth Rate
Year GDP (in millions $) Annual GDP Growth Rate Average GDP Growth Rate ( per 5 years)

1970 1,430,176.00 0.00%

1971 1,497,380.00 4.70%

1972 1,623,363.00 8.41%

1973 1,753,761.00 8.03%

1974 1,732,274.00 -1.23%

1975 1,785,828.00 3.09% 4.60%

1976 1,856,814.00 3.97%

1977 1,938,335.00 4.39%

1978 2,040,523.00 5.27%

1979 2,152,426.00 5.48%

1980 2,213,072.00 2.82% 4.39%

1981 2,306,228.00 4.21%

1982 2,382,621.00 3.31%

1983 2,466,562.00 3.52%

1984 2,577,606.00 4.50%

1985 2,712,502.00 5.23% 4.16%

1986 2,802,734.00 3.33%

1987 2,935,322.00 4.73%

1988 3,134,484.00 6.79%

1989 3,286,759.00 4.86%

1990 3,447,571.00 4.89% 4.92%

1991 3,565,391.00 3.42%

1992 3,595,628.00 0.85%

1993 3,577,006.00 -0.52%

1994 3,612,528.00 0.99%
1995 3,711,588.00 2.74% 1.50%
1996 3,826,647.00 3.10%
1997 3,867,824.00 1.08%
1998 3,824,179.00 -1.13%
1999 3,814,544.00 -0.25%
2000 3,920,574.00 2.78% 1.12%
2001 3,936,505.00 0.41%
2002 3,941,150.00 0.12%
2003 4,001,379.00 1.53%
2004 4,089,597.00 2.20%
2005 4,157,594.00 1.66% 1.18%
2006 4,216,632.00 1.42%
2007 4,286,382.00 1.65%
2008 4,239,509.00 -1.09%
2009 4,009,880.00 -5.42%
2010 4,177,964.00 4.19% 0.15%
2011 4,173,141.00 -0.12%
2012 4,235,533.00 1.50%
2013 4,320,255.00 2.00%
2014 4,336,444.00 0.37%
2015 4,389,476.00 1.22% 1.00%
2016 4,416,212.00 0.61%
2017 4,501,390.00 1.93%
2018 4,536,881.00 0.79%
2019 4,566,371.00 0.65% 0.99%
 Singapore GDP Performance

Year GDP (In millions) GDP Growth Rate GDP Average Growth Rate (Per 5 Years)

1970 14,056.00 0.00%

1971 15,754.00 12.08%
1972 17,885.00 13.53%
1973 19,875.00 11.13%
1974 21,160.00 6.47%
1975 22,136.00 4.61% 7.97%
1976 23,782.00 7.44%
1977 25,562.00 7.48%
1978 27,787.00 8.70%
1979 30,404.00 9.42%
1980 33,453.00 10.03% 8.61%
1981 37,027.00 10.68%
1982 39,683.00 7.17%
1983 43,072.00 8.54%
1984 46,862.00 8.80%
1985 46,541.00 -0.68% 6.90%
1986 47,158.00 1.33%
1987 52,231.00 10.76%
1988 58,037.00 11.12%
1989 63,947.00 10.18%
1990 70,370.00 10.04% 8.69%
1991 75,075.00 6.69%
1992 80,396.00 7.09%
1993 89,672.00 11.54%
1994 99,469.00 10.93%
1995 106,460.00 7.03% 8.65%
1996 114,478.00 7.53%
1997 123,970.00 8.29%
1998 121,211.00 -2.23%
1999 128,599.00 6.10%
2000 140,042.00 8.90% 5.72%
2001 138,708.00 -0.95%
 2002 144,550.00 4.21%
2003 150,961.00 4.44%
2004 165,377.00 9.55%
2005 177,762.00 7.49% 4.95%
2006 193,512.00 8.86%
2007 211,144.00 9.11%
2008 214,919.00 1.79%
2009 213,622.00 -0.60%
2010 246,179.00 15.24% 6.88%
2011 262,220.00 6.52%
2012 273,419.00 4.27%
2013 286,960.00 4.95%
2014 298,770.00 4.12%
2015 306,254.00 2.50% 4.47%
2016 314,966.00 2.84%
2017 327,341.00 3.93%
2018 337,919.00 3.23%
2019 340,397.00 0.73% 2.65%

Figure 1
The Annual GDP of Japan (1970-2019)
Figure 2
The Annual GDP Growth Rate of Japan (1970-2019)

Figure 3
Average Annual Growth Rate 1970-2019 (per 5 years)
Figure 4
Annual GDP of Singapore in Millions (1970 - 2019)

Figure 5
Annual GDP Growth Rate of Singapore (1970 - 2019)

Figure 6
Average GDP Growth Rate of Singapore (Per 5 years)

ANALYSIS
Japan
● If we observe the overall GDP trend of Japan, it seems to be growing great from
1970-2008, until the tiny dip in Figure 1. The dip in the overall trend can be explained
with the 2008 global financial crisis, but thankfully, Japan was able to bounce back and
continue its upward trend to 2019.
● There is another sharp dip in the GDP growth rate of Japan around the 1997-2000
region. This could be explained by the Asian Financial Crisis that has hit some of the
Asian countries. Although compared to Singapore, Japan was less affected by the crisis.
● Even though the GDP is growing steadily for Japan, it seems like the GDP growth rate
and the Average GDP growth rate is going down. There seems to be a divergence
between the constant rising of the GDP of Japan and the decline of the average GDP
growth rate of Japan. This means that the economic growth of Japan is slowing down
and Japan may have to change their strategy to get back on track.

Singapore
● The earliest dip that can be seen in the GDP of Singapore happened in 1985. Prior to the
recession in 1985, Singapore was enjoying an average growth rate of 9.01% from 1971 to
1984. One of the major reasons why Singapore experienced a recession was due to the
 decreasing demand for the country’s exports, one reason for the decrease in demand
was that Malaysia, one of the major buyers of Singapore’s exports, implemented a 50%
tax on all products purchased from singapore. Indonesia, Thailand and the Philippines
also implemented the exit tax which would lessen the imports of singapore.
● Another significant dip in the GDP performance of Singapore was during 1998. Singapore
experienced a negative GDP growth rate of 2.23%. The reason for the dip was that
singapore had close economic ties with other asian countries and was affected indirectly
by the Asian Financial Crisis of 1997.
● The recession experienced by Singapore in 2001 was by far the saddest reason for a
recession. The recession in Singapore started after the 911 attack. The recession was
due to the loss of confidence of the consumers after the attack and an increase in
security after what happened to the US.
● After the Global Financial Crisis of 2008 most countries went into recession. Singapore
was the first country to fall into recession in east asia. Singapore went from a 9.11% GDP
growth rate in 2007 to a negative 0.60% growth rate in 2009.
● Surprisingly the GDP of Singapore increased dramatically after the recession it
experienced due to the global financial crisis. The GDP growth rate of Singapore went
from negative 0.60% in 2009 to a 15.24% in 2010 with a marginal change of 15.84%. The
expansion was driven by a surge in manufacturing and was the highest GDP growth rate
that Singapore has experienced in the past 50 years.
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