Asia: Singapore growth exceeds target in Q4 2017

The Singaporean economy performed well over the last three months of 2017, reaching 3.1% growth, up from the original estimate of 2.6%. Singapore’s growth in quarter four marks an overall growth of 3.5% over the year for 2017, double the initial forecast. According to the Ministry of Trade and Industry (MTI), this achievement was driven by 6.2% yearly growth within the manufacturing sector, primarily in electronics and engineering, as well as 3% growth within the service sector.

The results mark a positive start to 2018 and the MTI forecasts this year’s growth to remain moderate at 1.5-3.5%. The manufacturing sector is expected to be the pillar of support to overall GDP growth, sustained by stronger US economic conditions on the back of the tax reforms announced last year.

The growth reflects the performance of corporations in Singapore. RFi Group data indicates that seven in ten companies in Singapore, with an annual turnover of USD 10 million and above, increased their annual revenue over the past two years.

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