Will services sector continue to save the economy in 2016?

All other indicators paint bleak picture.

According to HSBC Global Research, advance estimates suggest Singapore economy ended 2015 on a high note: GDP expanded 5.7% q-o-q saar in 4Q, the fastest pace in 2 years. Similar to what we saw last quarter, the upside surprise can be attributed to a substantial pick-up in the services sector. The estimate shines light on the continuing decoupling of Singapore's services sector with the bleak picture emanating from the
manufacturing sector, which has registered 3 consecutive quarters of declining qo-q output. Construction activity also contributed to growth thanks to increased government infrastructure outlays.
Today's reading suggests that the Singapore economy grew 2.1% in 2015. But, are we to see the momentum in 4Q being sustained in 2016?
Unfortunately, HSBC sees growth to slow as it expects more tempered growth for the services sector.

These 3 charts will show you:

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