Singapore’s economy jumps by 3.6% in 2017

Goods producing industries push the growth with 5.7% increase.

Singapore economy grew by 3.6% for the whole year of 2017, faster than 2.4% growth in 2016.

Goods producing industries, which include manufacturing and construction, posted the highest growth with 5.7%.

The manufacturing sector expanded by 10.1%, which is pushed by growth in the electronics and precision engineering clusters.

The construction sector, on the other hand, shrank by 8.4% from 1.9% growth in 2016. The output was pulled down by 29.1% decline in private residential and private industrial construction works.

Meanwhile, service producing industries grew by 2.8% driven by increase in the finance & insurance (4.8%), transportation & storage (4.8%), and wholesale & retail trade (2.3%).