Singapore’s economy grows at slowest pace since 2009
Singapore’s economy grew by 1.8 percent in the fourth quarter of 2016, a rise of 1.8 percent year – on –year, according to estimates by Ministry of Trade and Industry on January 3.
Consumers in a Singapore's market. (Photo: AFP/VNA)
Hanoi (VNA) – Singapore’s economy grew by 1.8 percent in the fourth quarterof 2016, a rise of 1.8 pꦰercent year – on –year, according to estim𓃲ates byMinistry of Trade and Industry on January 3.
Withthat, the country recorded a 1.8 percent growth for the whole year, which islower than the 2 percent growth rate made in 2015 and the slowest pace since theglobal financial crisis in 2009. The 1.8 percent increase in the fourth quarter is faster than the 1.2percent growth in the previous quarter, said the ministry in a press release.
In Q4, the country’s manufacturing sector upped by 6.5 percent againstlast year, an improvement from the 1.7 percent growth of the previous quarter.
The service sector witnessed a year – on – year increase of 0.6percent, slightly lifting from the preceding quarter’s 0.3 percent.
The construction sector experienced a drop of 2.8 percent compared tolast year, extending the 0.2 percent decline in the previous quarter. Theslowdown was driven by a decline in the private sector’s constructionactivities.
Experts warned that the 2017 growth could even be slower if globaltrade protectionism would rise and USD interest rate would continue going up, puttingmore pressure on the local economy.
Meanwhile, the ministry has projected the country’s economy to expandat 1-3 percent ✨in 2017.-VNA
Singapore’s non–oil domestic exports (NODX) rebounded at 11.5 percent in November from a 12 percent reduction in the previous month, according to data of the International Enterprise (IE) Singapore.
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Consumers in a Singapore's market. (Photo: AFP/VNA) 
