Singapore's full-year GDP grows 2%

Thanks to the strong manufacturing sector.

The Singapore economy has expanded by 2% for the whole year of 2016, a similar to the 1.9% growth it manifested in 2015.

According to the Ministry of Trade and Industry, the manufacturing sector reversed its 5.1% decline in 2015, growing 3.6% in the whole year. Growth in the sector was driven primarily by the electronics and biomedical manufacturing clusters. However, transport engineering and general manufacturing clusters continued to contract.

Meanwhile, the construction sector expanded at a slow 0.2%, easing from the 3.9% growth in 2015. This was weighed down by the sluggish private sector construction works.

The service producing industries grew by 1.0%, easing from the 3.2% growth in 2015. This is supported by the transportation & storage sector, which expanded 2.3%