Singapore GDP Growth Beats Forecast in Q4


The Singapore's economy advanced by 2 percent year-on-year in the fourth quarter of 2015, slightly faster than a downwardly revised 1.8 percent expansion in the previous quarter and beating market expectations of 1.3 percent growth, according to preliminary estimates. While both services and construction sectors expanded, manufacturing continued to shrink.

Growth in the services producing industries came in at 3.2 percent on a year-on-year basis in the fourth quarter, easing slightly from the 3.4 percent growth in the previous quarter. Growth was supported mainly by the wholesale & retail trade and finance & insurance sectors. 

The construction sector expanded by 2.2 percent on a year-on-year basis in the fourth quarter, an improvement from the 1.1 percent growth recorded in the previous quarter. Growth was supported by a pick-up in public sector construction activities.

The manufacturing sector contracted by 6.0 percent on a year-on-year basis in the fourth quarter, extending the 5.9 percent decline in the previous quarter. The sector was primarily weighed down by a decline in the output of the electronics, transport engineering and precision engineering clusters. 

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy grew by 5.7 percent from a downwardly revised 1.7 percent expansion in the preceding quarter. The services producing industries expanded by 6.5 percent, an improvement from the 2.9 percent growth in the preceding quarter. The construction sector expanded by 7.0 percent, a reversal from the 4.9 percent contraction in the preceding quarter. By contrast, the manufacturing sector shrank 3.1 percent, following the 3.5 percent contraction in the preceding quarter.

For the whole of 2015, the economy is estimated to have grown by 2.1 percent slowing from 2.9 percent in 2014 and in line with earlier announced growth forecast of around 2 percent. It was the weakest annual growth since 2009.

Singapore GDP Growth Beats Forecast in Q4


Statistics Singapore l Joana Ferreira | joana.ferreira@tradingeconomics.com
1/4/2016 12:46:58 AM