Singapore economy grew by 4.4 percent on a year-on-year basis in the fourth quarter of 2013, compared to 5.9 percent in the previous quarter, according to advance estimates. Expansion in manufacturing, construction and services eased compared to July to September period.
From Ocober to December, the manufacturing sector grew by 3.5 percent, lower than the 5.3 percent growth in the preceding quarter. The moderation in growth was mainly due to a sharper contraction in biomedical manufacturing output and a slower pace of growth in transport engineering output.
The construction sector grew by 4.7 percent, easing from the 5.8 per cent growth in the previous quarter. The slowdown was primarily due to a moderation in the growth of private sector construction activities.
The services producing industries grew by 5.5 percent, easing slightly from the 6.5 percent growth in the preceding quarter. This was largely due to slower expansions in the wholesale & retail trade and finance & insurance sectors.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 2.7 percent, a reversal from the 2.2 percent expansion in the previous quarter.
For the whole of 2013, the economy is estimated to have grown by 3.7 percent. This is in line with MTI’s growth forecast of 3.5 to 4.0 percent.
1/2/2014 12:42:26 AM