This information paper reports the rebasing of Singapore’s national accounts to reference year 2005. The estimates of Gross Domestic Product (GDP) at constant prices will now be expressed in terms of prices prevailing in 2005. The rebasing exercise also serves to reconcile the different estimates of GDP and provides the occasion for methodological and conceptual reviews and improvements. The paper presents and explains the various methodological changes and improvements, in particular, the implementation of the recommendations in the United Nations System of National Accounts, on the estimation and allocation of implicit charges for financial services. Their consequent impact on the GDP estimates is presented and analysed.

Custodian: Statistics Singapore