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Singapore GDP Could Grow above 3% This Year

Written by: Bridgewest

Singapore-GDP-could-grow-above-3-this-yearAs the end of 2017 is approaching, the Singapore government started analyzing the results registered by the economy in the first three quarters and make the last projection for the last quarter of the year. Up to this point exports and re-exports of electronics seem to be the main driver behind the economy and even more, trade in this sector is expected to bring a rise of more than 3% to the Gross Domestic Product (GDP). Our law firm in Singapore can assist investors who want to start trading companies in the city-state.

The Singapore electronics sector is once more performing well

The electronics industry has had its ups and down throughout the year, however, the last part of 2017 seems to be going well in terms of exports and re-exports of electronic goods. According to analysts, it is performing so good that the exports could be “stellar” and could lead a GDP growth above the previously predictions of 2.7%. According to the new data, the year could end with GDP increase of more than 3%.

Trade services and wholesale are also behind this growth, as July was one of the best month of the year for these sectors which have grown by 12%. This effect can still be seen in the good performance of these industries in the third quarter.

You can rely on our Singapore lawyers with the registration of a company if you are interested in investing in one of these industries.

The manufacturing industry also supports Singapore’s economic growth

The good results registered by the leading economic sectors of Singapore are by far supported by the manufacturing industry. In August, manufacturing output rose by 19%, with electronics leading the way with an increase of more than 37%. Most the products manufactured at that point were meant for export. Precision engineering also contributed to this growth, as well as transport engineering and the biomedical sectors.

Based on these results, IE Singapore announced a NODX forecast of 6% to 7% until the end of 2017 with a growth in the services sector. The overall GDP increase for 2017 is forecasted at 3%, while the first analyses for 2018 indicate a 2.4% growth of the GDP.

Foreign investors who want to open companies and need information on the best performing industries are welcome to contact our lawyers in Singapore for information.

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