Singapore has always been a very economically focused nation, looking for ways to build upon their reputation as one of the most business and investment friendly countries on the planet today.
The government policies that they put in place are always growth, looking for ways to encourage business and entrepreneurs to start up and grow in Singapore while at the same time making it easy and organizations around the world to take advantage of everything Singapore has to offer, too.
These kinds of policies have helped the Singapore economy grow at an exponential rate, but the kind of growth that Singapore is enjoying right now has never been seen before.
According to reports from the Ministry of Trade and Industry, the Singapore economy grew by 4.4% in the first quarter of 2018 – outpacing the previous quarters record growth of 3.6%.
Early reports expected that the GDP of Singapore would come in at around 1.5% or so, but today economists around the world believe that Singapore is going to see a GDP growth rate that comes in much closer to 2.5% or even 3.5% – significantly higher than early expectations.
While many people initially believe that the growing startup community in Singapore (a startup community that already rivals Silicon Valley in the United States) was going to be the major driver for the increases in growth, it’s actually been the manufacturing industries that have produced the largest for Singapore and its economy.
According to industry reports and documents from the Ministry of Trade and Industry, the manufacturing sector almost double the growth that they enjoyed previously. In the first quarter of 2018 growth was up 9.8% whereas in the last quarter of 2017 growth was at just about 4.8%
The finance and insurance sectors also saw a record growth, accelerating to nearly 9.1% from the previous year where the industry saw 6.3% growth. Business services grew by nearly 2.8%, much faster than the previous 0.4% growth that they saw in 2017.
One of the sectors that contracted, however, was the construction industry. It saw a decrease of 5% compared to the last quarter, but financial experts and economists expected this was going to be a factor as both the public and private sector have slowed down major construction projects throughout Singapore.
All in all, the future of the Singapore economy is as bright as it has ever been and looks like it is only going to continue to get even brighter and more brilliant as time goes on.
As we highlighted above, the startup community in Singapore is beginning to mature while still garnering a lot of attention from international organizations and entrepreneurs. If we continue to see the manufacturing, finance and insurance, and business sectors grow – coupled with just a bit of growth from the construction world – we might be seeing some really unprecedented amounts of growth from the people of Singapore in the very near future.
It’s an exciting time to be building and starting a business in Singapore, that’s for sure.