Singapore’s economy grows at slowest pace since 2009

Consumers in a Singapore's market. (Photo: AFP/VNA)

Hanoi (VNA) – 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.

With that, the country recorded a 1.8 percent growth for the whole year, which is lower than the 2 percent growth rate made in 2015 and the slowest pace since the global financial crisis in 2009.
The 1.8 percent increase in the fourth quarter is faster than the 1.2 percent growth in the previous quarter, said the ministry in a press release.

In Q4, the country’s manufacturing sector upped by 6.5 percent against last year, an improvement from the 1.7 percent growth of the previous quarter.

The service sector witnessed a year – on – year increase of 0.6 percent, slightly lifting from the preceding quarter’s 0.3 percent.

The construction sector experienced a drop of 2.8 percent compared to last year, extending the 0.2 percent decline in the previous quarter. The slowdown was driven by a decline in the private sector’s construction activities.

Experts warned that the 2017 growth could even be slower if global trade protectionism would rise and USD interest rate would continue going up, putting more pressure on the local economy.

Meanwhile, the ministry has projected the country’s economy to expand at 1-3 percent in 2017.-VNA