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Singapore's Economy Grows Faster Than Estimated

  • Growth was 3.5% in 2017, fastest pace in three years
  • Budget changes, monetary policy could test economy this year
Updated on

Singapore’s economy finished 2017 on a solid footing, allowing more room for policy makers to consider raising taxes and tightening monetary policy this year.

Growth was faster than economists predicted last quarter, resulting in the strongest full-year expansion in three years, according to preliminary figures released on Tuesday. The data also confirmed the recovery is broadening out, with services industries, such as finance and transport, among the main drivers of growth in the fourth quarter.