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Singapore's economy grew 3.5pc in 2017

Singapore's economy grew 3.5pc in 2017

Singapore's economy grew 3.5 percent in 2017 on the back of improved productivity as well as a pick-up in the global economy, Prime Minister Lee Hsien Loong said on Sunday (Dec 31).

Singapore's trade-reliant economy has enjoyed a boost this year from an improvement in global demand, particularly for electronics products and components such as semiconductors.

"Our economy grew by 3.5 percent, more than double our initial forecast," Lee said in his New Year message to the nation, adding that incomes have risen across the board.

In November, the government revised its 2017 GDP growth forecast range up to 3.0 to 3.5 percent, putting the economy on track for its fastest growth since 2014, when GDP expanded nearly 3.6 percent.

- Source: Agency