Singapore Economic Growth Slows in Q4
Singapore GDP expanded by 1.5 percent on a year on year basis in the fourth quarter of 2014, compared to 2.8 percent growth reported in the previous period, according to advance estimates. While expansion in construction and services moderated, manufacturing contracted.
1/2/2015 12:36:58 AM
Year on year, the manufacturing sector contracted by 2 percent, a reversal from the 1.7 percent expansion in Q3. The drop was mainly due to a decline in the output of the transport engineering, electronics and general manufacturing clusters. The construction sector grew by 0.8 percent, moderating from the 1.3 percent growth in Q3 supported mainly by public sector construction activities. The services grew by 2.6 percent, easing from 3.4 percent growth in Q3 and driven primarily by the finance & insurance and business services sectors.
On a quarter on quarter seasonally adjusted annualised basis, the economy expanded by 1.6 percent slower than the 3.1 percent in the previous period. The manufacturing sector contracted by 5.8 percent, reversing 3 percent growth registered in Q3. The construction sector expanded 8 percent, an improvement from the 0.1 percent expansion in Q3 and the services sector grew by 3.8 percent, similar to the 3.6 percent expansion in Q3.
For the whole of 2014, the economy is estimated to have grown by 2.8 percent in line with earlier announced growth forecast of around 3 percent.
The advance GDP estimates are computed largely from data in the first two months of the quarter and are subject to revision when more comprehensive data becomes available.