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Singapore's economy slowed last year

Singapore. Image: Chris McGrath/Getty Images.

Singaporean economic growth remained subdued in 2015.

According to revised figures released by the Ministry of Trade and Industry (MTI) earlier today, the economy grew by 1.8% in Q4 compared to a the same period a year earlier, a figure below the initial estimate of 2.0%.

Over the year, the economy grew by 2.0%, down from the previous estimate of 2.1% and 2014’s level of 3.3%.

“The manufacturing sector contracted by 5.2%, a reversal from the 2.7% growth in 2014,” said the MTI. “Growth in the construction sector moderated to 2.5%, from 3.5% in 2014, primarily due to a lower volume of private industrial and residential building activities.

“The services producing industries grew by 3.4% in 2015, easing slightly from the 3.6% growth in 2014.”

During the quarter, the economy expanded at an annual rate of 6.2% after seasonal adjustments, above the 5.7% advanced estimate and expectations for growth of 4.0%.

It marked the fastest quarterly growth recorded since the December quarter of 2014.

Looking ahead, the MTI forecasts that the economy is likely to grow in a range between 1-3% in 2016 “barring the full materialisation of downside risks”.

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