Singapore GDP grew 0.7% in 2019

The economy of Singapore grew by 0.7% during 2019, according to estimated figures from the Ministry of Trade and Industry. However, this is below the 3.1% growth in 2018.

Analysing the GDP by industries, the construction sector showed the highest increase with 2.5%, being followed by services-producing industries with 1.1%. 

On the other hand, manufacturing decreased by 1.5%, due to contractions in the sectors of electronics, transport engineering and chemicals that offset the expansion in biomedical manufacturing, general manufacturing and precision engineering sectors.

It should be noted that the annual growth is the slowest since 2009, when the economy increased by 0.1%.