The Gross Domestic Product (GDP) for Singapore for the whole of 2017 has been forecasted to be between three percent and three and the half percent with the GDP estimate for next year to be one and the half percent to three and the half percent. This is according to the Ministry of Trade and Industry (MTI) released on 23rd November 2017.
The first three quarters of this year experienced economic growth of three and the half percent on an annual basis. The third quarter saw an increase of 5.2 percent which outbid the 2.9 percent gain in the previous quarter.
The GDP increase by 8.8 percent during the quarter on a seasonally adjusted basis also exceeded the 2.2 percent increase seen in the second quarter of 2017. The much better than expected GDP performance in the third quarter was well supported by the economies which are generally driven by externally oriented economic activities namely manufacturing, finance and insurance, wholesale trade and transportation as well as inventory storage.
The construction industry however did not performed as well instead it experienced a decline by 7.6 percent and on a year to year basis of comparison, it registered a dismal 9.1 percent decline in the preceding quarter which is attributed to sluggishness in building activities both in the private and public sectors.