BANGKOK – Singapore’s GDP grew 3.6 percent in 2017 slightly higher than forecasts, but will clock moderate development this year due to a fall in external demand, among others, the Ministry of Trade and Industry announced on Wednesday.
The economic authorities of the city-state readjusted the growth of GDP upward to between 3-3.5 percent in 2017 after the economy grew 5.2 percent in the third quarter, its fastest growth in almost four years.
The economic expansion in 2017, which exceeded the 2.6 percent registered in 2016, was mainly due to the manufacturing sector, which ended the year with a rise of 10.1 percent, above the 3.7 percent it had achieved the previous year.
“The growth (of the manufacturing sector) was driven mainly by electronics,” said the ministry in a statement.
The services sector grew by 2.8 percent in 2017, more than the 1.4 percent in 2016, while growth in the construction sector fell by 8.4 percent after it grew 1.9 percent in 2016.
Trade experts have estimated that Singapore’s GDP will grow slightly above 2.5 percent by the end of 2018.