Singapore's economy estimated to expand 3.5 pct in 2017

Source: Xinhua| 2018-01-02 10:40:48|Editor: Jiaxin
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SINGAPORE, Jan. 2 (Xinhua) -- Singapore's Ministry of Trade and Industry said on Tuesday that it estimated the country's gross domestic products (GDP) grew 3.5 percent in 2017, which is in line with its GDP growth forecast of between 3 and 3.5 percent.

The ministry also said the country's GDP grew 3.1 percent year-on-year in the fourth quarter, compared to 5.4 percent in the third quarter.

Both the 3.5-percent growth for the whole year and the 3.1-percent growth for the fourth quarter are advance estimates of the ministry, which are computed largely from data in October and November. They are intended as an early indication of GDP, and are subject to revision when more comprehensive data become available.

The ministry said the manufacturing sector expanded 6.2 percent year-on-year in the fourth quarter, moderating from a 19.2-percent growth in the previous quarter. Growth was supported primarily by robust output expansions in the electronics and precision engineering clusters, which outweighed output declines in the biomedical manufacturing and transport engineering clusters, according to the ministry. As for the whole year of 2017, the manufacturing sector achieved a year-on-year growth of 10.5 percent.

The construction sector contracted 8.5 percent year-on-year in the fourth quarter, extending a 7.7-percent decline in the previous quarter. The contraction was largely due to the weakness in private sector construction activities, according to the ministry. In 2017, the sector declined 8.1 percent year-on-year, compared to a 0.2-percent growth in 2016.

Singapore's services producing industries grew 3 percent year-on-year in the fourth quarter, moderating from a 3.2-percent growth in the third quarter. Growth was primarily driven by the finance and insurance sector, wholesale and retail trade sector and transportation and storage sector, according to the ministry. In 2017, the sector grew 2.5 percent year-on-year, faster than a 1-percent growth in 2016.