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Singapore Economy Expanded 2% in 2016, forecast 1-3% for 2017

Singapore economy grew by 2.0% in 2016, according the trade and industry(MTI) ministry's latest released data today. The MTI meanwhile said it maintained the GDP growth forecast at “1.0 to 3.0%” for 2017.

The 2% economic growth was mostly driven by the last quarter growth which expanded 2.9% year-on-year. On seasonally-adjusted annualised basis, the Q4 GDP expanded by 12.3% from the Q3, reversing the contraction of 0.4% in the third quarter.

By sector, the MTI said the manufacturing sector grew by 11.5% year-on-year in the last quarter, accelerating from the 1.8% growth in the preceding quarter, led by growth in the electronics and biomedical manufacturing clusters. The electronics cluster was supported by a recovery in global semiconductors demand, while the biomedical manufacturing cluster was boosted by output growth in both the pharmaceuticals and medical technology segments, the ministry said.

On a quarter-on-quarter seasonally-adjusted annualised basis, the manufacturing sector rebounded strongly from the 5.0 5 decline in the third quarter to growth of 39.8% in the fourth quarter.

The construction sector shrank by 2.8% cent year-on-year, extending the 2.2% contraction in the previous quarter. Growth was weighed down primarily by the decline in private sector construction activities. On a quarter-on-quarter basis, the sector expanded at a seasonally-adjusted annualised rate of 0.8%, a reversal from the 12.6% contraction in the preceding quarter. The wholesale & retail trade sector grew by 0.4% year-on-year, slightly faster than the 0.1% growth in the third quarter. Growth was supported by the wholesale trade segment, which expanded on the back of a pick-up in oil and non-oil trade.

The retail trade segment, on the other hand, registered flat growth. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector expanded by 2.2%, up from 1.7% growth in the previous quarter.

Growth in the transportation & storage sector came in at 5.4% year-on-year in Q4. The sector’s growth was largely driven by the water transport and storage & other support services segments, which were in turn supported by an increase in container throughput and containerised cargo handled respectively. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 12.4 per cent, rebounding from the 0.6 per cent decline in the previous quarter.

- APMR News

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