BUSINESS Singapore's GDP growth projected below mid-point of 1.5-3.5 pct range for 2019

BUSINESS

Singapore's GDP growth projected below mid-point of 1.5-3.5 pct range for 2019

Xinhua

19:33, February 15, 2019

VCG111191458579.jpg

(File photo: VCG)

SINGAPORE, Feb. 15 (Xinhua) -- Singapore's gross domestic product (GDP) will increase 1.5 to 3.5 percent in 2019, with growth expected to come in slightly below the mid-point of the forecast range, the Ministry of Trade and Industry (MTI) said on Friday.

The ministry said the Singapore economy grew 3.2 percent in 2018, which was slightly lower than the advance GDP estimates of 3.3 percent announced by the MTI in early January.

It added that the figure for 2018 is a moderation from the 3.9-percent growth recorded in 2017.

According to the ministry, Singapore's manufacturing sector expanded 7.2 percent in 2018, slowing from a 10.4-percent growth in 2017. Growth was primarily supported by the electronics, transport engineering and biomedical manufacturing clusters.

Meanwhile, the construction sector decreased 3.4 percent, compared to a 10.2-percent contraction in 2017. The services producing industries grew 3 percent in 2018, slightly slower than a 3.2-percent growth in 2017, and the growth was mainly supported by the finance and insurance, business services and wholesale and retail trade sectors.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue