Advance GDP Estimates for Fourth Quarter 2007

2 January 2008. Growth of the Singapore economy moderated in the fourth quarter of 2007. Advance estimates show that real gross domestic product (GDP) rose by 6.0 per cent on a year-on-year basis in the fourth quarter, following a 9.0 per cent gain in the previous quarter. On a quarter-on-quarter seasonally adjusted annualised basis, real GDP fell by 3.2 per cent, compared with 4.4 per cent gain a quarter earlier, reflecting a slowdown in the manufacturing sector.

Growth in the manufacturing sector is estimated to have decelerated from 10.3 per cent in the third quarter to 0.5 per cent in the fourth quarter. This was largely due to a fall in the output of the biomedical manufacturing cluster as some active pharmaceutical ingredients were not produced. On the other hand, transport engineering cluster continued to register double-digit growth in the quarter.

The construction sector is estimated to have expanded strongly by 24.4 per cent in the fourth quarter, on the heels of 19.2 per cent growth a quarter earlier.

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MINISTRY OF TRADE AND INDUSTRY
2 January 2008