them when they work well, cut losses when they do not, and draw on feedback and experience to adjust and refine our plans. That is the Singapore way. B. An Innovative and Connected Economy Economy and Labour Market Performance and – Outlook Let me start with the economy and jobs. Last year, we achieved GDP growth of 2.0%. This is similar to the 1.9 % achieved in 2015. This is within range, but at the lower end of our potential growth over the medium term. But this aggregate growth figure belies the uneven performance across sectors. Sectors such as Electronics, Information & Communications, and Education, Health & Social Services, did well. Some sectors have been harder hit by cyclical weaknesses, including Marine & Offshore, and to some extent, Construction. Other sectors like retail are facing structural shifts. The picture of the labour market is similarly mixed. Overall, unemployment rate remained low at 2.1% in 2016, but redundancies have been increasing and more workers are taking longer to find jobs. Sectors such as healthcare and education offered more jobs, while others shed them. In 2016, resident employment increased while foreign employment contracted.
them when they work well, cut losses when they do not, and draw on feedback and experience to adjust and refine our plans. That is the Singapore way. B. An Innovative and Connected Economy Economy and Labour Market – Performance and Outlook Let me start with the economy and jobs. Last year, we achieved GDP growth of 2.0%. This is similar to the 1.9 % achieved in 2015. This is within range, but at the lower end of our potential growth over the medium term. But this aggregate growth figure belies the uneven performance across sectors. Sectors such as Electronics, Information & Communications, and Education, Health & Social Services, did well. Some sectors have been harder hit by cyclical weaknesses, including Marine & Offshore, and to some extent, Construction. Other sectors like retail are facing structural shifts. The picture of the labour market is similarly mixed. Overall, unemployment rate remained low at 2.1% in 2016, but redundancies have been increasing and more workers are taking longer to find jobs. Sectors such as healthcare and education offered more jobs, while others shed them. In 2016, resident employment increased while foreign employment contracted.
FY2017_Budget_Statement.docx