Narrowing escaping a technical recession, Singapore’s GDP figures grew 0.1% in the latest quarter with the manufacturing sector leading the drag on the economy at -3.6%. According to the latest quarterly GDP report by the Ministry of Trade and Industries on Wednesday (Oct 14), Singapore’s construction sector made a minor decline (-0.8%) while the service producing industries inched higher (0.8%). The reason behind the decline in construction is because of lesser private properties construction resulted from the fall in property prices and sales volume.
Earlier in the week, Singapore’s property sales volume fell 31% in September with only 341 new private properties sold. Minister of National Development Lawrence Wong today (Oct 16) indicated that the property cooling measures will continue to stay despite threats by property developers that the property market is crashing. According to the newly-appointed MND Minister, the government will continue to increase HDB housing supply in 2016 between 15,000 and 20,000.
You may view the press release on GDP figures here.
Singapore Property Developers: Singapore housing market may collapse