Singapore GDP Annual Growth Beats Forecasts in Q4
The economy of Singapore expanded 3.1 percent year-on-year in the last three months of 2017, below an upwardly revised 5.4 percent rise in the previous quarter which was the highest growth rate in nearly four years. Figures came above market expectations of 2.7 percent, according to advance estimates. Considering full 2017, the GDP advanced 3.5 percent, higher than 2 percent in 2016 and the fastest expansion since 2014.
1/2/2018 12:19:14 AM
The manufacturing sector increased 6.2 percent, following a 19.2 percent jump in Q3, boosted by robust expansions in the electronics and precision clusters which outweighed output declines in biomedical manufacturing and transport engineering.
The services sector went up 3 percent, moderating from a 3.2 percent rise in Q3. Growth was mainly driven by finance and insurance; wholesale and retail trade and transportation and storage.
The construction sector shrank 8.5 percent, extending the 7.7 percent decline in Q3 and mainly due to weakness in private sector activities.
On a quarterly basis, the economy advanced an annualized 2.8 percent, below 9.4 percent in Q3 and market expectations of 2.9 percent.