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Services sector flexes its muscle in GDP, exports

Published Tue, Aug 12, 2014 · 10:00 PM
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[SINGAPORE] The services sector has been capturing a rising share of Singapore's GDP, and this looks set to continue - especially as the role of services exports expands further with time.

In a report released yesterday, the Ministry of Trade and Industry (MTI) noted how services' share of Singapore's nominal GDP has gone up over the last decade - from 64 per cent in 2003 to 70 per cent in 2013.

Correspondingly, manufacturing's share has moderated from 26 per cent to 19 per cent over the same period - a phenomenon MTI described as "not unique to Singapore".

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