Singapore’s Ministry of Trade and Industry announced on Aug. 12 that it has narrowed its GDP growth forecast for 2014 to 2.5 to 3.5 percent, from its February forecast of from 2 to 4 percent.
According to the ministry, global growth in the first quarter of the year turned out weaker than expected, recent incoming data suggest that global economic activities are recovering modestly and uncertainties in the global macroeconomic environment remain.
Against this backdrop, the Singapore economy is expected to grow at a modest pace in 2014, from 2.5 to 3.5 percent, the ministry said in a press release.
The Singapore economy grew by 2.4 percent on a year-on-year basis in the second quarter, moderating from the 4.8 percent growth in the previous quarter.
The manufacturing sector grew by 1.5 percent year-on-year; the construction sector by 4.4 percent; the wholesale and retail trade sector by 1.7 percent; the finance and insurance sector expanded by 5.5 percent; and the business services sector by 2.3 percent.
Growth in the transportation and storage sector slowed to 2 percent on a year on-year and the accommodation and food services to 0.5 percent.-VNA
According to the ministry, global growth in the first quarter of the year turned out weaker than expected, recent incoming data suggest that global economic activities are recovering modestly and uncertainties in the global macroeconomic environment remain.
Against this backdrop, the Singapore economy is expected to grow at a modest pace in 2014, from 2.5 to 3.5 percent, the ministry said in a press release.
The Singapore economy grew by 2.4 percent on a year-on-year basis in the second quarter, moderating from the 4.8 percent growth in the previous quarter.
The manufacturing sector grew by 1.5 percent year-on-year; the construction sector by 4.4 percent; the wholesale and retail trade sector by 1.7 percent; the finance and insurance sector expanded by 5.5 percent; and the business services sector by 2.3 percent.
Growth in the transportation and storage sector slowed to 2 percent on a year on-year and the accommodation and food services to 0.5 percent.-VNA
