Singapore’s Construction Sector Grew by 2.1 per cent in 4Q 2019

Singapore’s economy grew by 0.8 per cent on a year-on-year basis in the fourth quarter of 2019, extending its 0.7 per cent growth in the previous quarter.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew at a slower pace of 0.1 per cent compared to the 2.4 per cent growth in the third quarter.

Overall, Singapore’s economy grew by 0.7 per cent in 2019, a huge drop of performance compared to 3.1 per cent growth in 2018.

Construction Sector’s GDP performance

The construction sector grew by 2.1 per cent on a year-on-year basis, slightly slower than the 2.4 per cent growth in the previous quarter. Construction output during the fourth quarter was supported by public sector construction activities.

On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 2.1 per cent, a turnaround from the 1.7 per cent decline in the previous quarter.

Overall, 2019 has been a positive year for the sector. It grew by 2.5 per cent on a year-on-year basis in 2019, an improvement from the 3.7 per cent decline in 2018.

Ministry of Trade and Industry (MTI) will release the preliminary GDP estimates for the fourth quarter and the whole of 2019, including performance by sectors, sources of growth, inflation, employment and productivity, in its Economic Survey of Singapore in February 2020.

 –Construction+ Online

Source: Ministry of Trade and Industry