The Financial Express

Singapore’s economy sees 3.5pc growth

| Updated: January 02, 2018 13:46:45

Singapore’s economy sees 3.5pc growth

Singapore’s economy grew 3.5 per cent in 2017 on the back of improved productivity as well as a pick-up in the global economy.

Trade-reliant economy in the country has enjoyed a boost this year from an improvement in global demand.

Singaporean Prime Minister Lee Hsien Loong on Sunday said economy of his country grew by 3.5 per cent, more than double of initial forecast.

Lee revealed the information in his New Year message to the nation.

“We have benefited from the global economic upswing. But more fundamentally, our productivity has grown. Singaporeans are upgrading and learning new skills, while businesses are innovating and adopting new technology,” he added.

In November, the government revised its 2017 GDP growth forecast range up to 3.0 to 3.5 per cent, putting the economy on track for its fastest growth since 2014, when GDP expanded nearly 3.6 per cent.

Reuters says, the government is due to release its advance estimates for GDP in the fourth quarter and the whole of 2017 on January 2.

The GDP data is expected to show that the economy lost some steam in the October-December quarter after recording its fastest year-on-year growth in nearly four years in the third quarter.

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