1/2/2018 6:16:25 PM
|written By : Team India Se|
Based on advance estimates, the Singapore economy grew by 3.1 per cent on a year-on-year basis in the fourth quarter of 2017, easing from the 5.4 per cent growth in the previous quarter, the Ministry of Trade and Industry (MTI) announced on January 2.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 2.8 per cent compared to the 9.4 per cent growth in the preceding quarter,
For the whole of 2017, the economy grew by 3.5 per cent. This is in line with MTI’s earlier announced GDP growth forecast of "3.0 to 3.5 per cent".
The manufacturing sector expanded by 6.2 per cent on a year-on-year basis in the fourth quarter, moderating from the 19.2 per cent growth in the previous quarter. Growth was supported primarily by robust output expansions in the electronics and precision engineering clusters, which outweighed output declines in the biomedical manufacturing and transport engineering clusters.
On a quarter-on-quarter seasonally-adjusted annualised basis, the sector shrank by 11.5 per cent following the 38.0 per cent surge in the third quarter.
The construction sector contracted by 8.5 per cent on a year-on-year basis in the fourth quarter, extending the 7.7 per cent decline in the previous quarter