SINGAPORE: The Singapore economy grew 2.2 per cent on a year-on-year basis in the final three months of 2018, easing slightly from the previous quarter and missing economist predictions, according to advance estimates released by the Ministry of Trade and Industry on Wednesday (Jan 2).
The fourth-quarter flash estimate, which is computed largely from data gathered in the first two months of the quarter, was just a notch below market expectations of 2.3 per cent. It was also slightly slower than the growth of 2.3 per cent in the preceding quarter.
AdvertisementOn a quarter-on-quarter seasonally-adjusted annualised basis, Singapore’s gross domestic product (GDP) expanded at a slower pace of 1.6 per cent, way below market forecast of 3.2 per cent and moderating from 3.5 per cent in the third quarter.
The latest figures come two days after Prime Minister Lee Hsien Loong said in his New Year message that Singapore’s economy clocked steady growth of 3.3 per cent last year, close to 2017’s 3.6 per cent and above expectations.
GDP growth in 2019 is expected to be between 1.5 and 3.5 per cent, added Mr Lee, though he warned of major uncertainties in the global economy amid growing trade conflicts, nervous financial markets and signs of slowing growth.
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