The Ministry of Trade and Industry announced flash data which showed Singapore’s economy outperforming expectations. It expanded by 1.8% in the 4th quarter of this year and this puts Singapore’s annual growth at 1.8%.
This was better than the forecasted 1 – 1.5% growth made by MTI in 2016. Private economists polled had expected Singapore’s GDP to grow just 0.3% and was surprised at Singapore’s economy bounce back.
In his new year speech to Singaporeans, Singapore Prime Minister Lee Hsien Loong said Singapore’s growth was still positive but less than what we hoped for.