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Singapore economy grows by 2.9 percent in 2014

Xinhua, February 17, 2015 Adjust font size:

Singapore's Ministry of Trade and Industry (MTI) announced Tuesday that the Singapore economy grew by 2.9 percent in 2014.

MTI, meanwhile, maintained the growth forecast for 2015 at 2.0 to 4.0 percent.

News release from MTI showed the Singapore economy expanded by 2.9 percent, slower than the 4.4 percent in 2013.

Growth in the manufacturing sector improved from 1.7 percent in 2013 to 2.6 percent in 2014, supported by the biomedical manufacturing and chemicals clusters.

The construction sector moderated to a 3.0 percent increase from 6.3 percent in 2013, weighed down by private sector construction activities.

The services producing industries grew by 3.2 percent in 2014, easing from the 6.1 percent growth in 2013. Growth was supported mainly by the finance and insurance and business services sectors, which recorded growth rates of 7.7 percent and 2.9 percent respectively.

The wholesale and retail trade, transportation and storage, and information and communications sectors expanded by 1.7 percent, 1. 7 percent and 3.6 percent respectively.

Amidst challenging global economic environment, externally- oriented sectors such as the manufacturing and wholesale trade sectors are likely to face headwinds. Domestically, the labor market is expected to remain tight, with low unemployment and rising vacancy rates.

Taking into account the above factors, and barring the full materialization of downside risks, MTI expects the Singapore economy to grow at a modest pace of 2.0 to 4.0 percent in 2015. Endi