Singapore's gross domestic product surged a seasonally adjusted annualized 9.1 percent on quarter in the fourth quarter of 2016, the Ministry of Trade and Industry said on Tuesday.
That follows the upwardly revised 1.9 percent contraction in the third quarter (originally -2.0 percent).
On a yearly basis, GDP advanced 1.8 percent after rising 1.2 percent in the three months prior.
The manufacturing sector expanded 6.5 percent on year in the fourth quarter, an improvement from the 1.7 percent growth in the previous quarter.
Growth was primarily driven by the electronics and biomedical manufacturing clusters, even as the transport engineering and general manufacturing clusters continued to contract, the ministry noted.
On a quarterly, seasonally-adjusted annualized basis, the sector jumped 14.6 percent, a sharp turnaround from the 8.1 percent contraction in the third quarter.
The construction sector contracted 2.8 percent on year in Q4, extending the 0.2 percent decline in the previous quarter. The contraction was largely due to the decline in private sector construction activities, the ministry said.
On a quarterly, seasonally-adjusted annualized basis, the sector shrank 4.7 percent, moderating from the 14.8 percent contraction in the preceding quarter.
Growth in the services producing industries came in at 0.6 percent on year in Q4, slightly faster than the 0.3 percent growth in the three months prior.
Growth was supported by the other services industries, transportation & storage and business services sectors, the ministry said.
On a quarterly basis, the services producing industries expanded at an annualized rate of 9.4 percent, a reversal from the 0.4 percent contraction in the third quarter.
For all of 2016, GDP was up 1.8 percent, beating the MTI's earlier announced GDP growth forecast of 1.0 to 1.5 percent.
GDP was up 2.0 percent in 2015.
by RTT Staff Writer
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