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

11 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 sector¹ 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 2021².