Singapore's economy slowed last year
Business Insider Australia
Singaporean economic growth remained subdued in 2015.
According to revised figures released by the Ministry of Trade and Industry (MTI) earlier today, the economy grew by 1.8% in Q4 compared to a the same period a year earlier, a figure below the initial estimate of 2.0%.
Over the year, the economy grew by 2.0%, down from the previous estimate of 2.1% and 2014’s level of 3.3%.
“The manufacturing sector contracted by 5.2%, a reversal from the 2.7% growth in 2014,” said the MTI. “Growth in the construction sector moderated to 2.5%, from 3.5% in 2014, primarily due to a lower volume of private industrial and residential building activities.
“The services producing industries grew by 3.4% in 2015, easing slightly from the 3.6% growth in 2014.”
During the quarter, the economy expanded at an annual rate of 6.2% after seasonal adjustments, above the 5.7% advanced estimate and expectations for growth of 4.0%.
It marked the fastest quarterly growth recorded since the December quarter of 2014.
Looking ahead, the MTI forecasts that the economy is likely to grow in a range between 1-3% in 2016 “barring the full materialization of downside risks”.
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