Manufacturing contracted by 5.2%.
Singapore’s economy grew by a slower pace of 2% for the whole of 2015, compared to 3.3% for 2014. The decline was on back of a sharp decline in manufacturing output, which accounts for roughly a third of the city-state’s economy.
Statistics released by the Ministry of Trade and Industry (MTI) show that the manufacturing sector contracted by 5.2% last year, a far cry from its measly growth of 2.7% in 2014.
All the manufacturing clusters, with the exception of the chemicals cluster, saw a decline in output.
Meanwhile, growth in the construction sector moderated to 2.5 per cent, from 3.5 per cent 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. Services growth was supported mainly by the wholesale & retail trade and finance & insurance sectors, which expanded by 6.1% and 5.3%, respectively.
The Singapore economy grew by 1.8 % year-on-year basis in the fourth quarter, unchanged from the third quarter. The manufacturing sector contracted by 6.7 per cent year-on-year, extending the 6.0 per cent decline in the preceding quarter.
On the other hand, the construction sector grew by 4.9 per cent year-on-year, faster than the 3.0 per cent growth in the previous quarter.
For 2016, MTI has maintained the GDP growth forecast at 1.0 to 3.0 per cent.
Do you know more about this story? Contact us anonymously through this link.