International Business & Economy Singapore’s GDP grew by 2.2 per cent in the fourth quarter of...

Singapore’s GDP grew by 2.2 per cent in the fourth quarter of 2018

Author

Date

Category

- Advertisement -

Based on advance estimates, the Singapore economy grew by 2.2 per cent on a year-on-year basis in the fourth quarter of 2018, easing slightly from the 2.3 per cent growth in the preceding quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 1.6 per cent compared to the 3.5 per cent growth in the third quarter.

For 2018 as a whole, the economy grew by 3.3 per cent.

The manufacturing sector expanded by 5.5 per cent on a year-on-year basis in the fourth quarter, faster than the 3.7 per cent growth in the previous quarter.

- Advertisement -

Growth was largely driven by robust output expansions in the biomedical manufacturing and electronics clusters, which more than offset the output decline in the precision engineering cluster.

On a quarter-on-quarter seasonally adjusted annualised basis, the manufacturing sector shrank by 8.7 per cent, a reversal from the 3.1 per cent growth in the third quarter.

The construction sector contracted by 2.2 per cent on a year-on-year basis in the fourth quarter, extending the 2.5 per cent decline in the previous quarter. The contraction was primarily due to weakness in public sector construction activities.

On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew at a weaker pace of 1.1 per cent compared to the 3.3 per cent growth in the preceding quarter.

- Advertisement -

The services producing industries expanded by 1.9 per cent on a year-on-year basis in the fourth quarter, moderating from the 2.6 per cent growth in the previous quarter. Growth was mainly supported by the finance & insurance, business services and information & communications sectors.

On a quarter-on-quarter basis, the services producing industries grew at a seasonally-adjusted annualised rate of 3.7 per cent, slower than the 5.3 per cent growth in the third
quarter.

MTI will release the preliminary GDP estimates for the fourth quarter and the whole of 2018, including performance by sectors, sources of growth, inflation, employment and productivity, in its Economic Survey of Singapore in February 2019.

- Advertisement -

The above is a press release from the Ministry for Trade and Industry.Follow us on Social Media

Send in your scoops to news@theindependent.sg 

No tags for this post.
- Advertisement -

Another ‘sovereign’ citizen? ‘Badge Lady’ asks for court charges to be dropped as she should have “immunity as a citizen”

Singapore -- Phoon Chiu Yoke, or the woman now also known as "Badge Lady", appeared in court again on Tuesday (June 15) regarding charges she faces for not wearing a mask on various occasions. She asked for her charges to be dropped...

15 suspected gang members arrested after almost 200 attend Boon Lay funeral

Singapore -- Police investigations have ensued after a funeral in Boon Lay was attended by almost 200 people, with many seen not wearing masks. The funeral, which took place on Sunday (June 13), attracted the attention of many passers-by who took videos...

Mixed bag: PA’s defensive statement denying racism allegations draws both criticism & support

Singapore—The People’s Association (PA) issued a rather belated statement concerning a wedding photo that had been used for a Hari Raya celebration without the couple’s permission, after the woman in the photo aired her views on social media. And while the PA...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

No tags for this post.
Theindependent