The Singaporean economy expanded 1.8 percent year-on-year in the last three months of 2015, the same as in the previous quarter but lower than a 2 percent growth rate earlier estimated, final figures showed. Services advanced less than anticipated while manufacturing shrank at a faster pace. Considering full 2015, the GDP growth rate eased to 2 percent.
Year-on-year, growth in the services producing industries came in at 2.8 percent, lower than 3.2 percent in the preliminary estimate. The wholesale & retail trade sector saw growth pick up to 6.8 percent from 6.4 percent in the previous quarter. Business services expansion slowed to 0.8 percent (2 percent in Q3), finance and insurance eased to 2.4 percent (4.6 percent in Q3) while the information & communications sector grew 3.3 percent, higher than 2.5 percent growth in Q3.
The construction sector advanced 4.9 percent, higher than 2.2 percent in the advance estimate and faster than the 3 percent growth in the previous quarter, supported by public sector construction activities.
In contrast, manufacturing contracted 6.7 percent, worse than a 6 percent decline in the preliminary estimate and extending the 6 percent drop in the preceding quarter, dragged down mainly by transport engineering and electronics.
On a quarter-on-quarter seasonally adjusted annualized basis, the economy expanded 6.2 percent in the last three months of 2015, higher than 5.7 percent earlier estimated and compared to a 2.3 percent growth rate in the third quarter.
Considering full 2015, the GDP advanced 2 percent, slightly less than 2.1 percent earlier estimated and slowing from a 3.3 percent expansion in 2014. The manufacturing sector contracted by 5.2 percent as all the manufacturing clusters, with the exception of the chemicals , saw a decline in output. Growth in the construction sector moderated to 2.5 percent, and the services producing industries grew at a slightly slower 3.4 percent.
For 2016, the economy is expected to expand at a modest pace of 1 to 3 percent.
2/24/2016 12:24:30 AM