Following Q3's 2% contraction, and with analysts' highest expectation at +5.1% (StanChart), Singapore GDP grew at a shocking 9.1% in Q4 QoQ.
This is the biggest QoQ growth since Q1 2012...
This was four standard deviations above average estimates.
These are preliminary numbers based on the first two minths of the quarter but the rebound was seemingly based on China's exuberance...
- Manufacturing +14.6% q/q;
- Services +9.4% q/q
- Construction -4.7% q/q;
- *SINGAPORE PRIVATE HOME PRICES FELL 3% IN 2016
Year-over-year, Singapore’s 4Q GDP grew 1.8% according to Ministry of Trade and Industry, smashing expectations of +0.3%. As The FT reports, Manufacturing experienced a big jump, growing 6.5 per cent in the fourth quarter from a 1.7 per cent year-on-year rate in the three months to September 30.
“Growth was primarily driven by the electronics and biomedical manufacturing clusters, even as the transport engineering and general manufacturing clusters continued to contract”, MTI said.