Singapore: The Monetary Authority of Singapore (MAS) said in its latest macroeconomic review that gross domestic product (GDP) grew an average of 4.4 percent on a quarter-on-quarter seasonally adjusted basis in the second and third quarters of 2017, a reversal from the contraction over the first three months of 2017.
The largest contributors were trade-related sectors, which have been encouraged by continued strength in the global electronics cycle.
The central bank expects Singapore’s gross domestic product (GDP) to come in at the upper half of the two to three per cent forecast range this year. For 2018, the economy is likely to expand at a steady, but slightly reduced pace, amid steady global growth and a broadening recovery across domestic industries.
The MAS also expects the marine and offshore engineering sector to “exert less of a drag on growth” in 2018. Supply-demand imbalances are slowly being resolved in favour of a more neutral outlook for manufacturers in this sector.
Additionally, the construction sector could possibly see growth in 2018, with support from the S$1.4 (US$1.03) billion worth of public sector contracts brought forward along with progress payments from earlier rail-related contracts awarded in 2016.