The GDP per capita in Singapore is projected to reach 62, 983. 51 US$ in 2019 while compared to 61, 230.15 US$ in 2018. GDP is the collective value of all services and goods produced in a nation for that year. It is regarded as a very crucial indicator of the economic strength of a nation. A positive change in GDP indicates economic growth, as quoted by the Statista.
Loh Khum Yean the Permanent Secretary for the Singapore Ministry of Trade and Industry said that the outlook for external demand is slightly frail in 2019. This is even as economy risks globally are slanted to the downside, he added.
The loss of global consumer and business confidence was highlighted by Loh as the gravest risk factor. This was owing to an intensification of the trade war, he added.
MTI anticipates that Services will surpass Manufacturing as the chief propellant of growth in 2019 said, Loh. This is in terms of overall GDP of Singapore even as manufacturing gets sluggish over the surge in the last 2 years, said the Permanent Secretary.
The balance is likely to shift to an extent in 2019 as manufacturing could witness comparatively moderate growth said, Loh. Services also will be affected by the moderate growth in regional and advanced economies. However, some resilience will be offered by domestic services. Thus, the growth composition will alter to some extent, he added.
Irvin Seah the Senior Economist at DBS Bank said that the GDP figures for the quarter-on-quarter exhibit the level of buoyancy in the Singapore economy.
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