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Financial News: Singapore Economy Logs Slowest Growth In A Decade

Singapore Economy Logs Slowest Growth In A Decade

01/01/2020 - 23:24:00 (RTTNews)

(RTTNews) - The Singapore economy grew at the slowest pace in a decade in 2019 as global slowdown and trade wars weighed on the manufacturing sector, flash data from the Ministry of Trade and Industry showed on Thursday.

Gross domestic product grew 0.7 percent in 2019, much slower than the 3.1 percent expansion seen in 2018. This was also the weakest annual growth since 2009. Economists had forecast an expansion of 0.6 percent for 2019.

In the fourth quarter, the city-state economy grew 0.8 percent on a year-on-year basis, extending the 0.7 percent expansion in the previous quarter.

The manufacturing sector contracted 2.1 percent due to output declines in electronics, chemicals and transport engineering clusters. Meanwhile, construction grew 2.1 percent and service producing industries advanced 1.4 percent.

On a quarter-on-quarter seasonally adjusted annualized basis, the economy grew only 0.1 percent compared to the 2.4 percent growth in the third quarter.

The MTI releases revised GDP estimates for the fourth quarter and the whole year of 2019 in February.

In the New Year message, Prime Minister Lee Hsien Loong said, "The global economic slowdown has already affected us. This year we avoided a recession."

"Our economy is still growing, but less vigorously than we would like. In the upcoming Budget, we will support businesses to raise their productivity and build new capabilities," Lee added.

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