According to advance estimates from Singapore’s Ministry of Trade and Industry, Singapore’s fourth-quarter GDP growth was 2.2% year-on-year, which is just slightly lower than the 2.3% achieves in Q3. The latest flash estimates mean that Singapore’s full-year GDP growth could still hit 3.3%.
Singapore’s economic growth in Q4 was lifted by the manufacturing sector, with higher biomedical manufacturing and electronics production making up for declines in precision engineering output. The services sector slowed its growth to 1.9 per cent in Q4, down from 2.6% in the previous quarter. The growth was supported by the finance and insurance, business services as well as the information and communications sector.
On a quarter-on-quarter seasonally adjusted basis, Singapore’s GDP growth eased to 1.6% in the fourth quarter, down from the 3.5% growth previously. Singapore’s official economic growth forecast for 2019 is between 1.5% and 3.5%.
If Singapore’s full-year GDP growth for 2018 does hit 3.3%, analysts foresee private homes prices stabilising, even rising at a moderate pace of between 1% and 3% for 2019.