Singapore GDP likely grew over 1pc

- Reuters, SINGAPORE

Jan 3, 2017-

Singapore’s economy probably grew more than 1 percent in 2016 but the government is keeping a close watch on the labour market as it has shown signs of weakening, Prime Minister Lee Hsien Loong said on Saturday. Singapore’s trade-reliant economy has faced headwinds over the past two years from sluggish global growth, a slowdown in China and falls in global oil prices, which have all weighed on the city-state’s marine and offshore engineering industry. “We expect growth this year to be one plus percent, still positive though less than we had hoped for,” Lee said in a pre-recorded New Year message to the nation. The government had previously forecast that the city-state’s economy would grow by 1.0 to 1.5 percent in 2016, which puts the economy on track for its weakest performance since 2009, when gross domestic product (GDP) contracted 0.6 percent.

Published: 03-01-2017 09:06

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