Singapore's GDP grew 7.5% in 2007

Happy new year! Wishing everyone a blissfull 2008.

Ministry of Trade & Industry has just released the latest GDP report for Q4 of 2007, which also completes the year's GDP cycle for year 2007. As we could see, compared to 2006, the GDP has dropped by -0.5% compared to the growth of 2006, at the same time, lets note that the nation is still facing inflationary pressures, attributed to rising prices of almost all commodity vehicle.

Manufacturing sector not only concluded a hugely decelrated growth in Q4 but if we compare it to data mined from 2006, we are seeing a significant slowdown of growth in this sector. In effect, this would definitely have caused by a reduction in consumer demand and exports.

On the contrary, the construction sector has seen one of its biggest growth in 2007, backed by buying demand for housing, 1-2 years down the road, expect supply to overtake demand, evident in the current activities in the construction sector.

As for the overall face of the Singapore economy, i must conclude that 2006 through 2007 has seen one of the finest growth in the new millenium. But note that as we are slowing down on GDP (expectations as reported for Q1 2008). We are still facing the overbearing fact that prices in commodity will continue to rise.

Report : http://www.singstat.gov.sg/news/news/advgdp4q2007.pdf