Singapore’s economy grew by 3.1 per cent on a year-on year basis in Q4 of 2017, thanks once again to the country’s robust manufacturing growth, according to Trade and Industry Ministry (MTI) advance estimates released on Tuesday (Jan 2).
For the whole of 2017, the economy grew by 3.5 percent, in line with MTI’s earlier announced growth forecast of “3.0 to 3.5 per cent”.
In Q4, manufacturing expanded 6.2 per cent year-on-year and was supported primarily by robust output expansions in the electronics and precision engineering clusters.
This outweighed output declines in the biomedical manufacturing and transport engineering clusters.
Services-producing industries, which makes up two-third of the economy, expanded by 3 per cent, moderating slightly from the 3.2 per cent growth in Q3.
However, the construction sector contracted by 8.5 per cent on a year-on-year basis in Q4, extending the 7.7 per cent decline in the previous quarter.
MTI said: “The contraction was largely due to the weakness in private sector construction activities.”