The Singapore economy grew by 1.8% in 2016, according to advance estimates by the Ministry of Trade and Industry (MTI), beating the earlier forecast of 1.0% to 1.5%. Of the goods producing industries, manufacturing grew 2.3% while construction grew 1.3% in the year. Services producing industries saw a relatively slower rate of growth at 0.9%, supported mainly by “other services industries”, transportation & storage, and business services sectors. MTI earlier forecasted economic growth in 2017 at between 1.0% and 3.0%.
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