Percentage of Current GDP and Economic Growth in 2020 and 2021 Attributable to Real Estate Sector

Mr Shawn Huang Wei Zhong asked the Minister for Trade and Industry (a) what percentage of the current GDP can be attributed to real estate and its peripheral services; and (b) what percentage of the economic growth of Singapore in 2020 and 2021 is attributed to the growth in the real estate sector.

Mr Gan Kim Yong: The real estate sector 1 accounted for 3% of Singapore's nominal GDP in 2020. It contributed -0.5 percentage point to the -5.4% contraction in 2020 and 0.3 percentage point to the 7.2% growth in real GDP in 2021 2 .

Note(s) to Question No(s) 11:

1 The real estate sector comprises real estate activities with own or leased property (for example, activities of real estate developers, operators of serviced apartments, lessors of food courts and coffee shops and so on) and real estate activities on a fee or contract basis (for example, activities of real estate agencies, real estate appraisers and valuers, town councils and so on).

2 The figures for 2021 are based on advance GDP estimates for the fourth quarter of 2021.