31 Dec '17, 11am

Singapore's economy grew 3.5 percent in 2017: PM Lee

SINGAPORE (Reuters) - 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. 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. “We have benefited from the global economic upswing. But more fundamentally, our productivity has grown. Singaporeans are upgrading and learning new skills, while businesses are innovating and adopting new technology,” he added. In November, the government revised its 2017 GDP growth forecast range up to 3.0 to 3.5 percent, putting the ec...

Full article: https://www.reuters.com/article/us-singapore-economy/sing...

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