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Chart of the Day: 90% of Singapore's 2012 GDP came from domestic demand
Despite sluggish external demand.
According to Nomura, domestic demand contributed to 90% of Singapore’s GDP in 2012 even as external demand was weak.
It is interesting to note that construction and business services were the key contributors to Singapore’s meagre 1.3% GDP growth in 2012.
Here's more from Nomura:
Within business services, real estate and legal services are key contributors to growth in the business services segment.
To the extent that these two sectors are dependent on the health of the property market, a sharp pullback in activity in the property sector could dampen economic growth going forward.
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