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Singapore’s economic growth beats estimates in 2015

by ChemOrbis Editorial Team -
  • 05/01/2016 (11:28)
According to data released by Singapore’s Ministry of Trade and Industry (MTI), the country’s economy grew by 2.1% in 2015. The growth rate was in line with the government’s official forecast calling for growth of close to 2.0%, while it exceeded economists’ expectations of 1.9% reported in a survey by the Monetary Authority of Singapore.

Economists highlighted that Singapore’s GDP growth was at its slowest in six years in spite of the better than expected growth rate while adding that risks remain in place owing to anticipations of additional interest rate hikes from the US and a further slowdown in the Chinese economy.

Singapore’s economy grew 2% in the fourth quarter from a year earlier after expanding 1.8% in the third quarter. On a quarterly basis, meanwhile, Singapore’s GDP rose 5.7% on a seasonally-adjusted annualized basis following a 1.7% growth in the previous quarter.

The data also showed that the country’s manufacturing posted an annualized decline of 6% in the October-December period. However, construction expanded 2.2% while the services sector grew 3.2% in the same period.
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