Singapore’s economy grew by 5.8 percent on a year-on-year basis in the third quarter of 2013, higher than the 4.4 percent growth in the preceding quarter.

In an announcement issued on Nov. 21, the Singapore Ministry of Trade and Industry (MTI) attributed GDP growth in Q3 to the year-on-year increases in manufacturing sector (5.5 percent), the construction sector (5.3 percent), the wholesale and retail trade sector (7.9 percent), the finance and insurance sector (10.5 percent), and the accommodation and food services sector (3.0 percent).

The MTI said that Singapore’s Gross Domestic Product grew by 3.5 percent year-on-year in the first three quarters of this year and it expects the economy to maintain a similar pace of growth in the fourth quarter.

Taking these factors into consideration, MTI expects the Singapore economy to grow by 3.5 to 4.0 percent in 2013, says the announcement.

The ministry added the growth outlook for the Singapore economy remains modest, growing by 2.0 to 4.0 percent in 2014.-VNA