Building in Singapore slows by 10% in 2003

Singapore’s economy registered overall growth of 0.8% in 2003, thanks mainly to strong output in the semiconductor and pharmaceutical sectors, but construction activity is slumping.

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By  Eudore Chand Published  January 13, 2004

Dubai has long considered Singapore to be a role model when it comes to urban and economic development, but the student is overtaking the master when it comes to a comparison of the construction industry. Singapore’s economy registered overall growth of 0.8% in 2003, thanks mainly to strong output in the semiconductor and pharmaceutical sectors, but construction activity is slumping. The manufacturing sector expanded 7.5% in the final quarter of the year, and 2.5% for the full year as it produced more computer chips, disk drives, and pharmaceuticals, the trade ministry said. However, the construction industry is in freefall. The sector fell 8.9% in the fourth quarter and 10.4% for the whole of 2003. “Activity in the construction sector showed few signs of a pick-up,” the ministry added.

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