MTI forecasts Singapore’s GDP to grow by ‘1.0-1.5 percent’ in 2016 and ‘1.0-3.0 percent’ in 2017

Singapore economy to grow between 1% and 3% in 2017. Photo courtesy: gov.sg

Singapore economy is expected to grow by ‘1.0 to 1.5 percent’ in 2016, and by ‘1.0 to 3.0 percent’ in 2017, the Ministry of Trade and Industry (MTI) announced.

The Singapore economy grew by 1.1 percent on a year-on-year basis in the third quarter, slower than the 2.0 percent growth in the previous quarter. The economy contracted by 2.0 percent, a reversal from the 0.1 percent growth in the second quarter, on a quarter-on-quarter seasonally-adjusted annualized basis.

Similar to the 1.4 percent growth in the preceding quarter, the manufacturing sector expanded by 1.3 percent year-on-year.

The wholesale & retail trade sector contracted by 1.5 percent year-on-year, in the contrast to the 0.9 percent in the second quarter.

Easing from the 2.0 percent growth in the previous quarter, the construction sector grew by 1.6 percent year-on-year.

Growth in the transportation & storage sector moderated to 0.6 percent year-on-year, from the 2.9 percent in the second quarter.

The information & communications sector posted growth of 2.2 percent year-on-year, extending the 1.5 percent growth in the preceding quarter.

The accommodation & food services sector grew by 2.1 percent year-on-year, faster than 1.9 percent growth recorded in the preceding quarter.

The business services sector expanded by 0.2 percent year-on-year, slower than the 0.7 percent growth on the second quarter.

The finance & insurance sector contracted by 0.7 percent year-on-year, a pullback from the 0.7 percent growth in the second quarter.

Growth in the “other services industries” came in at 2.3 percent, higher than the 1.7 percent in the preceding quarter.

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Garima Kapil
Garima Kapil – Senior Writer

Garima Kapil has around five years of experience in the field of writing and editing. Specialised in writing, performing proof-reading and text editing functions along with content ideation; she has worked with leading e-commerce and as a freelancer. She writes on lifestyle, news, telecom, travel, education, healthcare, immigration, along with other subjects required as a full-time writer and freelancer. 

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