Singapore recorded an economic growth of 2.9 percent in 2014, mainly driven by the finance-insurance and manufacturing sectors, the country’s Ministry of Trade and Industry announced on February 17.

Specifically, the manufacturing industry reported growth of 2.6 percent, higher than the 1.7 percent level of 2013, boosted by the production of biological medicines and chemicals, while the finance-insurance sector enjoyed growth of 7.7 percent.

Singaporean total trade of goods in 2014 reached 987.2 billion SGD (7.8 billion USD), a year-on-year rise of 0.3 percent, which, however, was lower than the projected figures of 1.5-2 percent.

The ministry maintained its forecast for GDP growth of 2-4 percent in 2015.-VNA