Singapore revised GDP shows 2 percent growth for 2015

A container vessel docks at the Tanjong Pagar Terminal in Singapore.
Suhaimi Abdullah | Getty Images

Singapore's economy expanded at a slower pace in 2015 as an improvement in trade and finance failed to halt a sharp slump in manufacturing, official data showed Wednesday.

Gross domestic product grew 2 percent last year, slowing from a 3.3 percent expansion in 2014, revised figures from the Ministry of Trade and Industry showed. The ministry had previously estimated 2015 growth at 2.1 percent.

Manufacturing activity tumbled 5.2 percent, reversing from a 2.7 percent increase the year earlier. The construction sector grew 2.5 percent, slowing from a 3.5 percent increase.

Growth was supported mainly by the wholesale & retail trade and finance & insurance sectors, which expanded by 6.1 percent and 5.3 percent respectively, the ministry said.

The island-state's economy is forecast to grow between 1 percent and 3 percent in 2016, the ministry said, a reflection of faltering global growth impulses amid a weakness in oil prices and sharp swings in global financial markets.

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