Singapore’s Gross Domestic Product (GDP) growth forecast for this year has been narrowed to 2.5 to 3.5 percent, the Ministry of Trade and Industry (MTI) announced today.
Previously, the 2014 growth forecast was at two to four percent.
The country’s economy grew by 2.4 percent on a year-on-year basis in the Q2 2014, moderating from the 4.8 percent growth in the previous quarter.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 0.1 percent, slower than the 1.8 percent growth in the preceding quarter.
The construction sector grew at a slower pace of 4.4 percent year-on-year in the second quarter, compared to the 6.4 percent growth in the preceding quarter.
“The slowdown was driven mainly by a fall in private construction output, reflecting weaker private residential building works and a decline in private commercial and industrial building works,” MTI said in a statement.
On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 0.3 per cent, a marginal improvement from the 0.5 per cent contraction in the first quarter.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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