After ending the year on a good note, the Singapore economy maintained the same rhythm and registered a 4.3% increase in the Gross Domestic Product (GDP) in the first quarter of 2018, according to the Ministry of Trade and Industry. Manufacturing was as the base of this increase. Foreign investors who want to open a company in Singapore can rely on our local advisors for company registration services.
At the end of 2017 when the projections for this year were made, economists announced a moderate growth for the beginning of this year, which was confirmed by the 4.3% increase advanced by the ministry. Manufacturing was the main driver behind this increase. The growth reported by Singapore companies operating in this field was of 4.8% in the first quarter of this year compared to the last quarter of 2017. Also, on a yearly basis, the same industry registered a 10.1% increase, one of the highest in the last several years.
Among the sub-sectors of the manufacturing industry, electronics registered the best results, as the global demand increased significantly, by 23.3%. Another industry which had good results at the beginning of 2018 was services, which grew by 3.8% with the insurance, finance and retail fields rendering the highest growth. Economists also point out that the services industry represents two-thirds of the economy.
Our Singapore company formation consultants can help you set up businesses in any of these industries.
The first quarter was just the beginning of a year which indicates to be good for the Singapore economy. According to the Ministry for Trade and Industry, Singapore should maintain a steady pace and grow without any surprises.
Manufacturing and services are thought to contribute to the future economic growth of the city-state, however, analysts are cautious about the construction sector which has registered a small contraction at the beginning of the year.
Investors who want to open a company in Singapore can choose between several industries which are performing very well and for assistance in registering their companies, they are invited to contact our company formation specialists.