Finance sector the only bright spot in Singapore’s lacklustre labour productivity growth

The construction sector led the decline.

Recent numbers in Singapore’s economy are still leaving much to be desired, with aggregate labour productivity growth continuing to disappoint.

According to a report by Nomura, Singapore’s aggregate labour productivity growth remained in negative territory in Q4 at 1.5% y-o-y, a third consecutive quarter of decline.

Nomura adds that the decline was led by the construction sector and almost all segments of the services sector, except finance & insurance. Even manufacturing labour productivity saw a decline of 0.7%, following five quarters of growth. Overall, labour productivity growth fell 0.8% in 2014 after rising 0.3% in 2013.

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