Singapore’s economy expanded 5.7% year on year for the fourth quarter, driven mainly by strong manufacturing growth in the three months through December.
The Ministry of Trade and Industry said that Singapore’s manufacturing sector posted a 15% expansion, a massive jump compared to the 4.9% growth in the third quarter.
Growth during the quarter was largely driven by the biomedical manufacturing and electronics clusters, the ministry noted.
Manufacturing makes up about 20% of the city-state’s GDP.
The advance estimate was higher than the revised 4.3% growth in the previous quarter, lifting full-year GDP growth to 4.8%, as announced by Prime Minister Lawrence Wong in his New Year’s message.
