Singapore's 2017 GDP growth fastest in three years

Singapore’s GDP growth slowed in Q4 though the growth for the entire 2017 grew 3.5%, the fastest since 2014.

The economy expanded 3.1% year-on-year in Q4. While the percentage beats estimates from the Ministry of Trade and Industry, it’s a slowdown from Q3’s upwardly revised 5.4% growth.

On an annualized and seasonally-adjusted basis, the Q4 GDP grew 2.8%, versus the revised Q3’s revised growth of 9.4%.

The services sector, which accounts for about two-thirds of economy, grew 7.5% in Q4  while manufacturing contracted 11.5% and construction fell 3.6%.

For the year of 2018, the Singaporean government previously said it expects growth in the range of 1.5 to 3.5%.

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