Singapore economy expanded just 0.7 percent in 2019, affected by US-China trade war

As the US-China trade war hit global markets, Singapore's economy grew just 0.7 percent in 2019.

Singapore economy expanded just 0.7 percent in 2019, affected by US-China trade war | BEAMSTART News

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Down from 3.2 percent expansion in 2018, Singapore’s overall growth in 2019 was at just 0.7 percent, marking the worst growth performance for the country since the global financial crisis.

Based on advance estimates, Singapore’s economy expanded by 0.8 percent year-on-year in October to December.

Last year's growth was weighed down by manufacturing, which contracted 1.5 percent due to output declines in main exports such as electronics.

Singapore’s national budget for this year will be announced in February.

“The national budget will contain support for businesses and workers, as well as measures to help households cope with living costs,” Prime Minister Lee Hsien Loong said.

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