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Singapore narrows GDP growth forecast for 2014

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.
Singapore’s Ministry of Trade and Industry announced on Aug. 12 that ithas 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 tothe ministry, global growth in the first quarter of the year turnedout weaker than expected, recent incoming data suggest that globaleconomic activities are recovering modestly and uncertainties inthe global macroeconomic environment remain.

Against thisbackdrop, the Singapore economy is expected to grow at a modest pace in2014, from 2.5 to 3.5 percent, the ministry said in a press release.

TheSingapore economy grew by 2.4 percent on a year-on-year basis in thesecond quarter, moderating from the 4.8 percent growth in the previousquarter.

The manufacturing sector grew by 1.5 percentyear-on-year; the construction sector by 4.4 percent; the wholesale andretail trade sector by 1.7 percent; the finance and insurance sectorexpanded by 5.5 percent; and the business services sector by 2.3percent.

Growth in the transportation and storage sector slowedto 2 percent on a year on-year and the accommodation and food servicesto 0.5 percent.-VNA
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