Singapore Revised GDP Shows 2 Percent Growth for 2015

Singapore’s economy expanded at a slower pace in 2015 as an improvement in trade and finance failed to halt a sharp slump in manufacturing, official data showed Wednesday.

Gross domestic product grew 2 percent last year, slowing from a 3.3 percent expansion in 2014, revised figures from the Ministry of Trade and Industry showed. The ministry had previously estimated 2015 growth at 2.1 percent.

Manufacturing activity tumbled 5.2 percent, reversing from a 2.7 percent increase the year earlier. The construction sector grew 2.5 percent, slowing from a 3.5 percent increase.

Growth was supported mainly by the wholesale & retail trade and finance & insurance sectors, which expanded by 6.1 percent and 5.3 percent respectively, the ministry said.

CNBC

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam