Singapore’s GDP Grew by 0.8 Per Cent in the Fourth Quarter of 2019

2 January 2020. Based on advance estimates, the Singapore economy grew by 0.8 per cent on a year-on-year basis in the fourth quarter of 2019, extending the 0.7 per cent growth in the previous quarter. On a quarter-on-quarter seasonally adjusted annualised basis, the economy expanded at a slower pace of 0.1 per cent compared to the 2.4 per cent growth in the third quarter. For the whole of 2019, the Singapore economy grew by 0.7 per cent.

In the fourth quarter, the manufacturing sector contracted by 2.1 per cent on a year-on-year basis, extending the 0.9 per cent decline in the previous quarter. The contraction was due to output declines in the electronics, chemicals and transport engineering clusters, which more than offset output expansions in the precision engineering, biomedical manufacturing and general manufacturing clusters. On a quarter-on-quarter seasonally-adjusted annualised basis, the manufacturing sector shrank by 7.3 per cent, a reversal from the 8.9 per cent growth in the third quarter.

The construction sector grew by 2.1 per cent on a year-on-year basis in the fourth quarter, slightly slower than the 2.4 per cent expansion in the previous quarter. Growth in the sector was supported by public sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector posted growth of 2.1 per cent, a turnaround from the 1.7 per cent decline in the preceding quarter.

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MINISTRY OF TRADE AND INDUSTRY
2 JANUARY 2020