The Ministry of Trade and Industry (MTI) announced today that the Singapore economy grew by 2.0% in 2015. For 2016, MTI has maintained the GDP growth forecast at “1.0 to 3.0%”.
The Singapore economy grew by 1.8% on a year-on-year basis in the fourth quarter of 2015, unchanged from the third quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 6.2%, extending the 2.3% growth in the previous quarter.
The manufacturing sector contracted by 6.7% year-on-year, extending the 6.0% decline in the preceding quarter. The contraction was primarily due to a decline in the output of the transport engineering and electronics clusters.
The construction sector grew by 4.9% year-on-year, faster than the 3.0% growth in the previous quarter. Growth was supported by public sector construction activities.
For the whole of 2015, the Singapore economy expanded by 2.0%, slower than the 3.3% in 2014. The manufacturing sector contracted by 5.2%, a reversal from the 2.7% growth in 2014.
All the manufacturing clusters, with the exception of the chemicals cluster, saw a decline in output. 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. Growth was supported mainly by the wholesale & retail trade and finance & insurance sectors, which expanded by 6.1% and 5.3% respectively.
MTI says the global economic outlook has softened since the start of the year, alongside a sharp fall in oil prices and volatility in global financial markets.
Global growth for the whole of 2016 is now expected to be only marginally better than in 2015.
“Growth for the year is expected to be supported by strengthening growth in the advanced economies, even as conditions in the emerging markets remain challenging,” it adds.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
The Singapore economy grew by 1.8% on a year-on-year basis in the fourth quarter of 2015, unchanged from the third quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 6.2%, extending the 2.3% growth in the previous quarter.
The manufacturing sector contracted by 6.7% year-on-year, extending the 6.0% decline in the preceding quarter. The contraction was primarily due to a decline in the output of the transport engineering and electronics clusters.
The construction sector grew by 4.9% year-on-year, faster than the 3.0% growth in the previous quarter. Growth was supported by public sector construction activities.
For the whole of 2015, the Singapore economy expanded by 2.0%, slower than the 3.3% in 2014. The manufacturing sector contracted by 5.2%, a reversal from the 2.7% growth in 2014.
All the manufacturing clusters, with the exception of the chemicals cluster, saw a decline in output. 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. Growth was supported mainly by the wholesale & retail trade and finance & insurance sectors, which expanded by 6.1% and 5.3% respectively.
MTI says the global economic outlook has softened since the start of the year, alongside a sharp fall in oil prices and volatility in global financial markets.
Global growth for the whole of 2016 is now expected to be only marginally better than in 2015.
“Growth for the year is expected to be supported by strengthening growth in the advanced economies, even as conditions in the emerging markets remain challenging,” it adds.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment