Singapore GDP Growth Revised Up To 2.9% In Q4
The Singaporean economy expanded 2.9 percent year-on-year in the last three months of 2016, higher than 1.2 percent in the previous period and above initial estimates of a 1.8 percent growth. It is the highest expansion since the fourth quarter of 2014, mainly boosted by manufacturing, final figures showed.
Year-on-year, the manufacturing sector grew 11.5 percent, higher than 1.8 percent in the previous quarter and above initial estimates of 6.5 percent. Electronics and biomedical sectors drove the expansion, namely semiconductors, pharmaceuticals and medical technology. The services producing industries advanced 1 percent, compared to a 0.4 percent growth in the September quarter and initial estimates of 0.6 percent. Contributions came from wholesale and retail trade, transportation and storage, accomodation, finance and insurance and other services.
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In contrast, the construction sector contracted by 2.8 percent, extending the 2.2 percent decline in the third quarter, and in line with earlier figures due to a sharper drop in private sector construction activities.
On a quarterly basis, the GDP advanced an annualized 12.3 percent, recovering from a 0.4 percent contraction in the previous quarter and above earlier estimates of 9.1 percent. It is the strongest growth rate since the first quarter of 2011, mainly due to a rebound in manufacturing (+39.8 percent from -5 percent in Q3).
For the whole of 2016, the economy advanced 2 percent, above 1.9 percent in 2015 and higher than 1.8 percent initially estimated. For 2017, the GDP is expected to expand between 1 to 3 percent.