MTI GDP Advance Estimates Report

According to Ministry of Trade and Industry’s (MTI) Gross Domestic Product advance estimates for the fourth quarter of 2017, the construction sector continued its decline from a 7.7 contraction in the previous quarter to 8.5 on a year-on-year basis. This was largely attributed to the slowing private sector construction activities.

With an expansion of 3 per cent, services producing industries performed well, with growth primarily driven by finance and insurance, wholesale and retail trade, and transportation and storage sectors. On quarter-on-quarter seasonally-adjusted annualised basis, the sector expanded at the rate of 7.5 per cent, faster than the 3.4 per cent growth in the third quarter.

Thanks to a lift from the electronics and precision engineering clusters, the manufacturing sector expanded by 6.2 per cent on a year-on-year basis in the fourth quarter. The output declines in the biomedical manufacturing and transport engineering clusters have however, made a deep dent to its 19.2 per cent growth in the previous quarter.

The Singapore economy grew by 3.1 per cent year-on-year, easing from the 5.4 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 2.8 per cent compared to the 9.4 per cent growth in the preceding quarter. Overall, the economy reported a growth of 3.5 per cent for the whole year, in line with MTI’s earlier forecast of 3 to 3.5 per cent.

Share this story: