Bleak manufacturing, services growth figures haunt Singapore

How badly will the GDP growth be affected?

Singapore is still reeling from the downtrend economy of China, the city-state’s single largest export market, as it kept hitting the manufacturing and services sectors the hardest. This fixed analysts’ forecasted GDP growth at 1.7% in 2016.

BMI Research revealed the depressing industry breakdown with manufacturing, services, and construction sectors growing at just 0.3%, 0.5%, and 0.6%, respectively.

“Major trade partners like EU, Japan, and US are also unlikely to contribute to a significant pick-up in demand for Singaporean goods, keeping the country's export outlook, and, by extension, its manufacturing sector outlook subdued,” analyst said.

Scanty demand from these crucial markets will keep Singapore’s economy in sombre shape through 2017 with GDP growth rate pegged at only 2.2%.