Singapore’s economy in the last quarter of 2014 tapered off with a 1.5 percent growth year on year after expanding by 2.8 percent in the third quarter, said the Ministry of Trade and Industry (MTI).

According to MTI, the manufacturing sector in October-December experienced a year-on-year slide of 2 percent after recording an expansion of 1.7 percent in the third quarter.

Meanwhile, the construction sector in the September-December period was marked by a slight 0.8 percent rise in growth compared to the same quarter of 2013, 0.5 percent less than the previous quarter.

The slowing growth was attributed in particular to the decrease in private house price which dropped 1 percent in the fourth quarter, marking five consecutive quarters’ fall.

Based on the statistics, MTI estimated that Singapore's economy grew at 2.8 percent in 2014, lower than its previous forecast of around 3 percent.-VNA