Singapore’s Q3 economic growth revised up to 1.9%
The upwardly revised growth rate was attributed to stronger performance in the services sector, which helped offset weaker manufacturing activities and the slowing Chinese economy. Service sector output expanded 3.6% in the third quarter compared with the same period of 2014 while the manufacturing sector contracted 6.2% from a year earlier.
The Singaporean government expects the economy to grow between 1-3% in 2016, claiming that the country’s economy will remain resilient despite a challenging global environment. For exports, meanwhile, the Trade and Industry Ministry cut its forecast for non-oil domestic export growth to 0.5% to 1 percent from their previous estimates of 1% to 2% for 2015. According to the ministry, non-oil export shipments will increase as much as 2% in 2016.
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