SINGAPORE – Singapore's economy expanded moderately last year, amid concerns of a global slowdown and weak manufacturing data, official figures showed Wednesday.
Gross domestic product expanded by 2 percent in 2015, a drop from 3.3 percent a year earlier, according to the Ministry of Trade and Industry.
The government forecasts full year economic growth of between 1 to 3 percent, "barring the full materialization of downside risks," the ministry said. The forecast is low compared to average growth rates over the past decade.
"The global economic outlook has softened since the start of the year, alongside a sharp fall in oil prices and volatility in global financial markets," it said.
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