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Growth of the Singapore economy moderated in
the fourth quarter of 2007. Advance estimates[1] show that real gross
domestic product (GDP) rose by 6.0 per cent on a year-on-year basis in
the fourth quarter, following a 9.0 per cent gain in the previous
quarter. |
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On a quarter-on-quarter seasonally adjusted
annualised basis, real GDP fell by 3.2 per cent, compared with 4.4 per
cent gain a quarter earlier, reflecting a slowdown in the manufacturing
sector. |
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Growth in the manufacturing sector is
estimated to have decelerated from 10.3 per cent in the third quarter to
0.5 per cent in the fourth quarter. This was largely due to a fall in
the output of the biomedical manufacturing cluster as some active
pharmaceutical ingredients were not produced. On the other hand,
transport engineering cluster continued to register double-digit growth
in the quarter. |
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The construction sector is estimated to have
expanded strongly by 24.4 per cent in the fourth quarter, on the heels
of 19.2 per cent growth a quarter earlier. |
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The services producing industries are
estimated to have grown by 8.3 per cent in the fourth quarter, same as
the previous quarter. The financial services sector continued to
experience rapid growth while wholesale and retail trade, transport and
storage, and business services sectors registered better performance in
the quarter. |
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For 2007 as a whole, the economy is
estimated to have expanded by 7.5 per cent, compared with 7.9 per cent
in 2006. Growth in the manufacturing sector is estimated to have
moderated to 5.6 per cent, down from 11.5 per cent in 2006. Both the
construction sector and services producing industries are expected to
have grown faster in 2007, at 19.8 per cent and 8.1 per cent
respectively. |
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The preliminary GDP estimates for the fourth
quarter and whole year 2007, including performance by sectors, sources
of growth, inflation, employment and productivity, will be released in
February 2008 in the Economic Survey of Singapore. |
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MINISTRY OF TRADE AND INDUSTRY
2 January 2008 |
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1 The advance GDP estimates for fourth quarter 2007 are
computed largely from the first two months of the quarter (i.e. October
and November 2007). They are intended as an early indication of the GDP
growth in the quarter, and are subject to revision when more
comprehensive data becomes available. |
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Source:
www.mti.gov.sg News Release 2
Jan 2008 |
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FrontPage Edition: Wed 2 January 2008
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