Singapore’s gross domestic product grew faster than initially thought in the final quarter of 2016, with greater growth in manufacturing bolstered by the electronics and biomedical sectors.
GDP rose 2.9 per cent year on year in the quarter ended December, up from an initial reading of 1.8 per cent and besting a median estimate from economists surveyed by Reuters predicting a revision to 2.5 per cent.
Singapore’s Ministry of Trade and Industry attributed the upward revision to a boost from growth in manufacturing activity, which accelerated from a year-on-year rise of 1.8 per cent in the third quarter to 11.5 per cent in the fourth.
The ministry added:
The strong performance of the sector was primarily due to robust growth in the electronics and biomedical manufacturing clusters. In turn, the electronics cluster was supported by a recovery in global semiconductor demand, while the biomedical manufacturing cluster was boosted by output growth in both the pharmaceuticals and medical technology segments.
The revised Q4 reading brought annual expansion of GDP to 2 per cent, up from an initial reading of 1.8 per cent and reflecting a slight improvement on 2015′s reading of 1.9 per cent.
In quarter-on-quarter terms, GDP grew 12.3 per cent in Q4, a marked improvement on the 0.4 per cent quarter-on-quarter fall witnessed in Q3.