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Advance
GDP Estimates for Fourth Quarter 2003
The
Singapore economy registered good growth in the fourth quarter of
2003, supported by improved performances of both the goods-producing
and services-producing industries.
Advance
estimates show that gross domestic product (GDP) in the quarter
expanded by 3.7 per cent, in real terms, over the same period in
2002.
On
an annualised quarter-on-quarter basis, real GDP grew by 7.9 per
cent, after a brisk 17 percent expansion in the previous quarter.
Gross
Domestic Product at 1995 Market Prices
(*Advance Estimates)
(Percentage change over corresponding period of previous year) |
| |
4Q02 |
2002 |
1Q03 |
2Q03 |
3Q03 |
4Q03* |
2003 |
| Overall
GDP |
3.0 |
2.2 |
1.6 |
-3.7 |
1.8 |
3.7 |
0.8 |
| Goods-Producing
Industries: |
| Manufacturing |
9.9 |
8.3 |
6.2 |
-6.4 |
3.3 |
7.5 |
2.5 |
| Construction |
-11.9 |
-10.8 |
-14.4 |
-9.0 |
-9.1 |
-8.9 |
-10.4 |
| Services-Producing
Industries |
1.9 |
1.5 |
0.9 |
-2.8 |
1.8 |
3.2 |
0.8 |
The
healthy external environment underpinned economic growth in the
fourth quarter.
In
the final months of 2003, growth in the major developed economies
and the regional economies benefited both the manufacturing and
services sectors in Singapore.
The
manufacturing sector is estimated to have expanded by 7.5 per cent
in the fourth quarter, buoyed by increased production of semiconductors,
disk drives and pharmaceutical products .
The
electronics and biomedicals clusters showed strong growth.
Performance
of the other manufacturing clusters also improved from the previous
quarter.
Activity
in the construction sector showed few signs of a pick-up.
The
sector is estimated to have contracted by 8.9 per cent in the fourth
quarter.
The
services-producing industries are estimated to have grown by 3.2
per cent, largely due to the continued strength of entrepot trade,
motor vehicle sales and financial services.
Stronger
external trade and increased sales of motor vehicles underpinned
growth in the wholesale and retail trade sector.
Financial
services were boosted by increased activities in the ACU, foreign
exchange and fund management segments.
For
2003 as a whole, the economy is estimated to have grown by 0.8 per
cent in real terms.
The
manufacturing sector and services-producing industries expanded
by 2.5 per cent and 0.8 per cent respectively while the construction
sector contracted by 10 per cent.
The
preliminary GDP estimates for the quarter and the whole year 2003,
including sectoral performances, sources of growth, inflation, employment
and productivity, will be released in February 2004 in the Economic
Survey of Singapore.
MINISTRY
OF TRADE AND INDUSTRY
2 January 2004
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