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Singapore GDP expected to grow by up to 3.5% in 2018
The outlook for the construction sector is bleak.
The Ministry of Trade and Industry (MTI) projected 2018 GDP growth to play around 1.5-3.5%.
Whilst MTI is bearish on most of the other sectors, it expects the construction sector to remain lacklustre, weighed down by the continued weakness in construction demand.
Meanwhile, the manufacturing sector is likely to continue to expand and provide support to overall GDP growth. In particular, the electronics and precision engineering clusters are expected to see sustained expansions on the back of healthy demand conditions in the global semiconductor and semiconductor equipment markets, although the pace of expansion is also likely to moderate.
Wholesale trade, transportation & storage and finance & insurance are expected to benefit from a global economic recovery, although their growth momentum may ease in tandem with the moderation in growth in key advanced and regional economies.
Sectors like information & communications and education, health & social services sectors are likely to remain resilient, thanks to drivers like the Smart Nation initiatives and expansions in healthcare facilities.
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