Manufacturing drives Q4 growth

An employee works on solar panels on the module production line at the REC Solar ASA manufacturing facility at Tuas.
An employee works on solar panels on the module production line at the REC Solar ASA manufacturing facility at Tuas. PHOTO: ST FILE

The Singapore economy expanded 3.1 per cent in the last three months of 2017, lifted once again by robust manufacturing growth.

This was higher than economists' expectations of 2.6 per cent growth, but moderated from the 5.4 per cent expansion in the preceding quarter, according to advance estimates out yesterday.

The latest numbers come after Prime Minister Lee Hsien Loong said in his New Year message on Sunday that the economy expanded 3.5 per cent for the whole of 2017 - more than double initial forecasts.

Manufacturing was once again the key growth driver in the fourth quarter, expanding 6.2 per cent year on year. Services, which make up two-thirds of the economy, expanded by 3 per cent, moderating slightly from the 3.2 per cent growth in the preceding three months.

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A version of this article appeared in the print edition of The Straits Times on January 03, 2018, with the headline 'Manufacturing drives Q4 growth'. Print Edition | Subscribe