Name and
Constituency of Member of Parliament
Mdm Ho Geok Choo, Member for
West Coast GRC
Question
:
To ask the Minister for Trade and
Industry:
(i) Given that much of our Q3 2007 performance was due to
the construction industry, whether Singapore is now overly-reliant
on this industry vis-à-vis the other traditional growth industries
(manufacturing and services),
and
(ii) if so, how sustainable is this strategy especially
after the integrated resorts are built and a possible cooling of
the construction industry
arises.
Answer
:
Mdm Ho has
expressed concern that much of our third quarter GDP growth was due
to the construction industry.On the contrary, economic performance
has been broad-based, with healthy growth by all major sectors.Nor
has construction been the major source of GDP growth. At less than
4 per cent of the economy, construction accounted for only an
estimated 5 per cent of total GDP growth in the third quarter.
Manufacturing – which grew by double digits in the third quarter –
accounted for an estimated 35 per cent of total GDP growth in the
third
quarter.
I would also
like to point out that the strong growth in construction was not
due to just the integrated resorts, but to a wide range of private
sector projects –
commercial, industrial and residential – including the
Shell cracker, Reflections at Keppel Bay, Orchard Central and
Orchard Turn.
The growth of the construction sector has reflected the
broader growth in economic activity and investment
projects.
Mr Speaker, Sir, the Singapore economy is more diversified
than it was 10 years ago.The growth of the biomedical and chemical
industries has helped to reduce our dependence on
electronics.Financial services, business services, transport
services, and tourism have become strong engines of growth, while
new industries like energy, environment and water technologies, and
interactive and digital media are emerging. As our economic base
diversifies, our growth will become more stable and
sustained.