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Singapore just turned in an insanely strong GDP report

Photo by Suhaimi Abdullah/Getty Images

Singapore GDP smashed expectations in the December quarter of 2015, near quadrupling the increase expected by economists.

According to the government, the advanced GDP reading came in at 5.7% in seasonally adjusted annualised terms (SAAR), stunning markets which had been expecting an expansion of 1.7%.

A sharp acceleration in construction and service sector activity, up 6.5% and 7.0% respectively in SAAR terms, was able to offset a a 3.1% contraction in manufacturing output.

The table below, provided by Statistics Singapore, reveals the breakdown of GDP in both year-on-year and SAAR terms.

Singapore Q4 2015 GDP Breakdown Source: Statistics Singapore

While the quarterly result was stellar, it largely offset weakness seen in the middle two quarters of the year.

On a year-on-year basis the economy grew by just 2.0% with weakness in manufacturing again offset by modest increases in construction and services output.

Over the calendar year, the economy grew by just 2.1%, the slowest expansion recorded since 2009.

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