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.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.