The Singapore economy is estimated to have grown by 2.8 percent for the whole of 2014, the Ministry of Trade and Industry (MTI) announced today.
This is in line with MTI’s growth forecast of around three percent.
In Q4 2014, the Singapore economy grew by 1.5 percent on a year-on-year basis, based on advance estimates, compared to 2.8 per cent in the previous quarter.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 1.6 percent, slower than the 3.1 percent expansion in the previous quarter.
The construction sector grew by 0.8 percent on a year-on-year basis in the fourth quarter, moderating from the 1.3 percent growth in the previous quarter. “Growth was supported mainly by public sector construction activities,” MTI said in a statement.
On a quarter-on-quarter basis, the sector expanded at an annualised rate of eight percent, increasing from the 0.1 percent expansion in the previous quarter.
The government will release the preliminary GDP estimates for Q4 and the whole of 2014 in its Economic Survey of Singapore in February 2015.
Photo by Rifleman 82; Wikimedia Commons
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
