Singapore fourth-quarter GDP growth picks up on services sector

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FILE PHOTO: A view of the Singapore skyline next to the Supreme Court in Singapore July 1, 2019. REUTERS/Edgar Su

January 2, 2020

SINGAPORE(Reuters) – Singapore’s economy expanded at a slightly faster pace in the fourth quarter, meeting expectations, as the services sector helped offset weakness in manufacturing, preliminary data showed on Thursday.

Gross domestic product (GDP) grew 0.8% in October-December from the same period a year ago, compared with a revised 0.7% in the previous quarter, the Ministry of Trade and Industry said in a statement.

Analysts had expected GDP growth of 0.8%.

The economy grew 0.1% quarter-on-quarter on an annualized and seasonally adjusted basis, the Ministry of Trade and Industry said in a statement, compared with a upwardly revised 2.4% rise the quarter before. Analysts had expected a 0.4% expansion.

(Reporting by Aradhana Aravindan and John Geddie in Singapore; Editing by Sam Holmes)

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