The Singaporean economic outlook is quite interesting. In the third quarter of 2015, Singapore's economy rebounded splendidly by expanding 1.9 percent at SAAR or seasonally adjusted annualized rate compared to the previous quarter (at 2.6 SAAR). This came on the back of a smaller drag on the manufacturing sector and a significant expanding in services.
This led to a sharp figure revision from up to 0.1 percent increase, which was reported in the advance reading. In light of China's slowdown and its potential spillover effects on countries all over Asia, Singapore began depending on its strong financial sector to protect its economy.
Tepid but Steady Growth in 2015
Growth has been tepid for the country according to the latest data. This is because in October, manufacturing posted negative growth and non-oil domestic exports swung to contraction. There's still growth for Singapore, but it's for the most part modest.
Economic Forecast for 2016
In 2016, Focus Economics Panelists project a 2.2 percent economic growth for Singapore. This is down about 0.1 percentage points from the forecast made in the third quarter. There should be a better outlook in 2017, where economic growth could pick up by 2.6 percent.
GDP expanded for Singapore by 1.9 percent, which is down from the 2 percent increase in the second quarter, marking its lowest reading since Q3 2012. Expectations from the Singaporean Monetary Authority include GDP growth at a rate from between 2 percent to 2.5 percent in 2015 to a 3.3 percent acceleration of growth in 2016.
Servcorp, meanwhile, has Singapore's back when it comes to helping out in its own way with its continued healthy economic outlook. It can do so with its serviced office services that assist any company with a lack of office space to get fully furnished offices available to them at competitive rates. Please call +65 6690 6161 for more information