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The finance and insurance sector of Singapore registered 6.3% year-on-year growth for the final quarter of 2017, data from the Ministry of Trade and Industry has indicated.
According to the Ministry, the growth was due to improvements in performance of the fund management segment, as well as continuing expansion in the insurance and financial intermediation industries.
For the entire year of 2017, the finance and insurance sector grew by 4.8% and was cited as one of the driving forces for the growth of Singapore’s service industries.
Meanwhile, the entire economy grew by 3.6% in 2017, exceeding initial estimates of 3.5%. This is a substantial increase from the 2.4% growth rate in 2016. However, 2018 estimates are a bit more conservative, with the Singaporean economy expected to grow between 1.5% and 3.5%, leading towards the upper half of that range.
Manufacturing, finance and insurance, and wholesale and retail trade were identified as the main contributors for Singapore’s economic growth for 2017.
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