The Singapore economy expanded only by 1.5 percent in the fourth quarter of 2014, slower than the 2.8 percent level of the previous quarter, according to a report released by Singaporean Ministry of Trade and Industry (MTI).
For the whole of 2014, the economy is estimated to grow by 2.8 percent compared to MTI’s earlier growth forecast of around 3.0 percent.
The construction industry expanded a mere 0.8 percent while the service sector grew 2.6 percent over the same period 2013.
Manufacturing contracted by 2 percent on-year in the fourth quarter, a reversal from the 1.7 percent expansion in the third quarter.
According to economists, the manufacturing sector, the main factory brining the country’s GDP growth down, may not see a turnaround in the first quarter of 2015 due to factory closures during the lunar New Year period and patchy recovery in the global economy.
The Development Bank of Singapore (DBS) projects that the Singapore economy could grow by 3.2 percent in 2015, while OCBC Bank is looking at a range of 2 to 3 percent.-VNA
For the whole of 2014, the economy is estimated to grow by 2.8 percent compared to MTI’s earlier growth forecast of around 3.0 percent.
The construction industry expanded a mere 0.8 percent while the service sector grew 2.6 percent over the same period 2013.
Manufacturing contracted by 2 percent on-year in the fourth quarter, a reversal from the 1.7 percent expansion in the third quarter.
According to economists, the manufacturing sector, the main factory brining the country’s GDP growth down, may not see a turnaround in the first quarter of 2015 due to factory closures during the lunar New Year period and patchy recovery in the global economy.
The Development Bank of Singapore (DBS) projects that the Singapore economy could grow by 3.2 percent in 2015, while OCBC Bank is looking at a range of 2 to 3 percent.-VNA
