Singapore's economy grew 3.5 percent in 2017 on the back of improved productivity as well as a pick-up in the global economy, Prime Minister Lee Hsien Loong said on Sunday.
Singapore's trade-reliant economy has enjoyed a boost this year from an improvement in global demand, particularly for electronics products and components such as semiconductors.
"Our economy grew by 3.5 percent, more than double our initial forecast," Lee said in his New Year message to the nation, adding that incomes have risen across the board.
"We have benefited from the global economic upswing. But more fundamentally, our productivity has grown. Singaporeans are upgrading and learning new skills, while businesses are innovating and adopting new technology," he added.
In November, the government revised its 2017 GDP growth forecast range up to 3.0 to 3.5 percent, putting the economy on track for its fastest growth since 2014, when GDP expanded nearly 3.6 percent.
The government is due to release its advance estimates for GDP in the fourth quarter and the whole of 2017 on Jan. 2.
The GDP data is expected to show that the economy lost some steam in the October-December quarter after recording its fastest year-on-year growth in nearly four years in the third quarter.
(Reporting by Masayuki Kitano; Editing by Matthew Mpoke Bigg)
RELATED: Check out some of Singapore's most luxurious buildings:
Luxuries in Singapore
Luxuries in Singapore
An exotic used car dealership designed to resemble a vending machine in Singapore May 15, 2017. The dealership houses up to 60 exotic cars in a 15 storey building which uses a fish-bone type lift system to deliver cars to clients within minutes. REUTERS/Thomas White TPX IMAGES OF THE DAY
A view of a luxury condominium estate next to a yacht marina in Singapore February 13, 2017. REUTERS/Edgar Su
A photographer (L) arranges taxi-booking app GrabTaxi's fleet of seven luxury cars for a photoshoot before they start picking passengers in Singapore September 15, 2015. The fleet of seven luxury cars, consisting of Porsche, Maserati, Aston Martin and McLaren cars, will be chauffeuring passengers for free within the city from Tuesday to Sunday during the Singapore F1 Grand Prix season. REUTERS/Edgar Su
Fitness coach Peter Yeoman swims in the pool of Gravity health and fitness club in Singapore's central business district (CBD) July 15, 2015. The S$9.5 million($7 million) luxury gym opened by British-based fitness chain Fitness First, which sits on top of an office building in the CBD, is targeted at C-Suite executives and membership is offered by-invitation only to 999 people, according to the club's press release. REUTERS/Edgar Su
View of skyline with apartment building skyscrapers at Marina district in New Dubai - On January, 2016 in Dubai, United Arab Emirates
Residential buildings stand in Reflections at Keppel Bay property development in Singapore, on Tuesday, Nov. 17, 2015. Singapore landlords are loading up on bonds masked as equity to get around new rules curbing their debt amid a property slump. Photographer: Sam Kang Li/Bloomberg via Getty Images
Ferrari SpA automobiles stand on display near the Feadship Royal Dutch Shipyards booth during the Singapore Yacht Show in Singapore, on Saturday, April 25, 2014. The yacht show runs through April 26. Photographer: Sam Kang Li/Bloomberg via Getty Images
Luxury yachts illuminated at night sit moored in front of residential buildings in the Sentosa Cove during the Singapore Yacht Show in Singapore, on Saturday, April 25, 2014. The yacht show runs through April 26. Photographer: Sam Kang Li/Bloomberg via Getty Images
People look at a Lamborghini Reventon Roadster car on display at the shopping street of Orchard Road along with other rare and iconic super car models showcased by the Italian carmaker, in Singapore August 28, 2014. The publicity event leads up to the launch of the new Lamborghini Huracan LP 610-4 which will debut in Singapore in September. REUTERS/Edgar Su (SINGAPORE - Tags: SOCIETY BUSINESS TRANSPORT)