Singapore’s Ministry ofTrade and Industry (MTI) announced on November 25 that third quarter GDPgrew 2.8 percent year-on-year thanks to stronger growth in themanufacturing and services sector.
The manufacturing sectorexpanded by 1.9 percent during the third quarter with growth supportedprimarily by the biomedical manufacturing and chemicals clusters.
Theconstruction sector grew by 1.7 percent on a year-on-year basis, asharp slowdown from the 3.7 percent growth in the previous quarter dueto weaker private sector construction activities, the ministry said.
The wholesale and retail trade sector grew by 2 percent, faster than the 1.8 percent growth in the preceding quarter.
Meanwhile,growth in the finance and insurance sector surged to 10.5 percentyear-on-year, from 5.5 percent in the previous quarter, and the businessservices sector expanded at a faster pace of 3.4 percent year-on-year,compared with 2.4 percent in the second quarter.
Theministry said that GDP growth for the first three quarters of 2014 wasrecorded at 3.3 percent year-on-year. It expects the economy to grow by 3percent this year - at the mid-point of its earlier official forecastof 2.5-3.5 percent, which had been kept unchanged since August.-VNA
Middle East tensions: ASEAN, World Bank warn of global economic fallout
Finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN) on April 10 expressed concern over escalating tensions in the Middle East and their potentially serious impact on the global economy.
