(MENAFN) Due to the noteworthy gain in services which outweighed weaker manufacturing and exports, Singapore, the world's only sovereign island city-state, saw its economy grow more than primarily forecasted last quarter.
GDP jumped an annualized 6.2 percent over Oct-Dec compared to the 3rd quarter, all thanks to services which notably lifted the nation's economy as falling growth in China, one of its largest export targets, has hurt demand for its goods.
Although the republic possesses a highly developed market economy, it's among Asia's most vulnerable to swings in global demand, thus it witnessed non-oil local exports slip the most in nearly 3 years in Jan as deliveries to China dipped.
"Services will be a key growth pillar for 2016, given Singapore's vulnerability to the global trade recession, but with manufacturing in the doldrums, it's hard to see services continue to outperform," stated a top economist.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.