Singapore’s economy jumps by 3.6% in 2017
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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%).
Questions & Answers
Q.Which specific industries were primarily responsible for the overall economic growth in Singapore in 2017?
Which specific industries were primarily responsible for the overall economic growth in Singapore in 2017?
The goods producing industries, including manufacturing and construction, posted the highest growth at 5.7%. The manufacturing sector expanded significantly by 10.1%, driven by electronics and precision engineering.
Q.Did all sectors within the goods producing industries perform well in 2017, or were there any exceptions?
Did all sectors within the goods producing industries perform well in 2017, or were there any exceptions?
Not all sectors performed well; while manufacturing expanded by 10.1%, the construction sector actually shrank by 8.4%. This decline was primarily due to a 29.1% drop in private residential and industrial construction.
Q.What was the main reason for the decline observed in the construction sector during 2017?
What was the main reason for the decline observed in the construction sector during 2017?
The construction sector's output was significantly pulled down by a 29.1% decline. This contraction was specifically seen in private residential and private industrial construction works throughout the year.
Q.How did the service producing industries contribute to Singapore's economic performance in 2017?
How did the service producing industries contribute to Singapore's economic performance in 2017?
Service producing industries grew by 2.8% overall. This growth was notably driven by increases in the finance & insurance (4.8%), transportation & storage (4.8%), and wholesale & retail trade (2.3%) sectors.
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