Singapore’s GDP Grew by 2.2 Per Cent in the Fourth Quarter of 2018

2 January 2019. Based on advance estimates, the Singapore economy grew by 2.2 per cent on a year-on-year basis in the fourth quarter of 2018, easing slightly from the 2.3 per cent growth in the preceding quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 1.6 per cent compared to the 3.5 per cent growth in the third quarter.

For 2018 as a whole, the economy grew by 3.3 per cent.

The manufacturing sector expanded by 5.5 per cent on a year-on-year basis in the fourth quarter, faster than the 3.7 per cent growth in the previous quarter. Growth was largely driven by robust output expansions in the biomedical manufacturing and electronics clusters, which more than offset the output decline in the precision engineering cluster. On a quarter-on-quarter seasonally-adjusted annualised basis, the manufacturing sector shrank by 8.7 per cent, a reversal from the 3.1 per cent growth in the third quarter.

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MINISTRY OF TRADE AND INDUSTRY
2 JANUARY 2019