Singapore’s economy is expected to grow by around three per cent in 2014, the Ministry of Trade and Industry (MTI) said today.
The economy grew by 2.8 percent on a year-on-year basis in Q3 2014, higher than the 2.3 percent growth in the preceding quarter.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 3.1 percent, a reversal from the 0.3 percent decline in the previous quarter.
Growth in the construction sector moderated to 1.7 percent year-on-year compared to 3.7 percent in the previous quarter, mainly due to weaker private sector construction activities. The sector contracted by 0.3 percent quarter-on-quarter, following the 4.2 percent decline recorded in the preceding quarter.
MIT added, “In the first three quarters of 2014, the Singapore economy grew by 3.3 per cent on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy.”
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
