Singapore’s gross domestic product (GDP) is forecasted to rise between three percent and 3.5 percent for the whole of 2017, while next year could see a growth of 1.5 percent to 3.5 percent, said the Ministry of Trade and Industry (MTI) on Thursday, 23 November 2017.
For the first three quarters of the year, the economy expanded by 3.5 percent on an annual basis. That for Q3 2017 increased by 5.2 percent, surpassing the 2.9 percent gain in the prior quarter.
On a seasonally-adjusted basis, the city-state’s GDP increased by 8.8 percent during the quarter, exceeding the 2.2 percent uptick in Q2 2017.
“The Singapore economy performed better than expected in the third quarter. Growth was primarily supported by externally-oriented sectors such as manufacturing, finance & insurance, wholesale trade and transportation & storage sectors,” it said.
However, the construction industry declined by 7.6 percent year-on-year compared to the 9.1 percent fall in the preceding quarter due to sluggish building activities in both the private and public sectors. On a seasonally-adjusted basis, it contracted by 5.3 percent versus a drop of 5.9 percent during the second quarter.
Likewise, the accommodation & food services segment dipped by 2.1 percent on an annual basis extending the two percent fall in the previous quarter due to weakness in the industry. Nevertheless, it rose by 4.1 percent on a seasonally-adjusted basis, reversing the 1.1 percent slide in the preceding quarter.
This article was edited by Keshia Faculin.