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%.