International Business & Economy Singapore’s GDP grew by 1.8 percent in the 4th-quarter of 2016

Singapore’s GDP grew by 1.8 percent in the 4th-quarter of 2016

Author

Date

Category

- Advertisement -

Based on advance estimates, the Singapore economy grew by 1.8 per cent on a year-on-year basis in the fourth quarter of 2016, faster than the 1.2 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 9.1 per cent, a reversal from the 1.9 per cent contraction in the preceding quarter.

For the whole of 2016, the economy grew by 1.8 per cent, above MTI’s earlier announced GDP growth forecast of “1.0 to 1.5 per cent”.
1The manufacturing sector expanded by 6.5 per cent on a year-on-year basis in the fourth quarter, an improvement from the 1.7 per cent growth in the previous quarter. Growth was primarily driven by the electronics and biomedical manufacturing clusters, even as the transport engineering and general manufacturing clusters continued to contract. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 14.6 per cent, a sharp turnaround from the 8.1 per cent contraction in the third quarter.

The construction sector contracted by 2.8 per cent on a year-on-year basis in the fourth quarter, extending the 0.2 per cent decline in the previous quarter. The contraction was largely due to the decline in private sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector shrank by 4.7 per cent, moderating from the 14.8 per cent contraction in the preceding quarter.

Growth in the services producing industries came in at 0.6 per cent on a year-on-year basis in the fourth quarter, slightly faster than the 0.3 per cent growth in the previous quarter. Growth was supported by the “other services industries”, transportation & storage and business services sectors. On a quarter-on-quarter basis, the services producing industries expanded at an annualised rate of 9.4 per cent, a reversal from the 0.4 per cent contraction in the third quarter.

- Advertisement -

MTI will release the preliminary GDP estimates for the fourth quarter and the whole of 2016, including performance by sectors, sources of growth, inflation, employment and productivity, in its Economic Survey of Singapore in February 2017.


The advance GDP estimates for the fourth quarter of 2016 are computed largely from data in the first two months of the quarter (i.e. October and November 2016). They are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available.

This is a media release from the Ministry of Trade and Industry.

Send in your scoop to news@theindependent.sg 

- Advertisement -

Independent Budget office a “wasteful duplication” of functions: DPM Heng

Singapore – Deputy Prime Minister Heng Swee Keat said that an independent Budget office would be a "wasteful duplication of functions" as there are independent audits by the Auditor General's Office and parliamentary scrutiny of the Government's spending. On Friday (Feb 26),...

Hyper-competition does not necessarily lead to better economic performance: PSP’s Kumaran Pillai

Singapore – Opposition Progress Singapore Party's (PSP) Kumaran Pillai took to social media to urge more investment in local talent as many feel they "have gotten the short end of the stick" when it comes to employment. In a Facebook post on...

Kranji land ‘erroneous’ clearing: more supervision not always best solution, says Chan Chun Sing

Singapore – Processes should be streamlined and not more layers of supervision added in public service, said Trade and Industry Minister Chan Chun Sing on Friday (Feb 26) in response to the erroneous clearing of a large patch of woodland in...

Send in your scoop to news@theindependent.sg 

Theindependent