Singapore Economic Growth At Almost 2-Year Low

The Singapore economy expanded by 2.1 percent on a year-on-year basis in the fourth quarter of 2014, easing from the 2.8 percent rise in the preceding quarter as stronger growth in services was not enough to offset a decline in manufacturing.
Singstat | 2/17/2015 12:33:16 AM
The manufacturing sector contracted by 1.3 percent year-on-year, reversing the 1.7 percent growth in the previous quarter. Growth in the sector was weighed down primarily by the transport engineering and electronics clusters.

Growth in the construction sector eased to 0.7 percent year-on-year, from 1.1 per cent in the previous quarter, due to weaker private sector construction activities. 

The wholesale & retail trade sector grew by 0.6 percent year-on-year, moderating from the 2.1 percent growth in the preceding quarter. 

The transportation & storage sector contracted by 0.4 percent year-on-year, compared to the 0.1 percent growth in the previous quarter. Growth was weighed down mainly by the water transport, and storage & other support services segments. 

Growth in the finance & insurance sector accelerated to 10.3 percent year-on year, from 9.9 percent in the previous quarter supported mainly by the fund management activities and insurance segments. 

The information & communications sector grew by 4.4 percent year-on-year, higher than the 4.0 percent growth in the previous quarter.

The business services sector expanded at a slightly faster pace of 2.9 percent year-on-year, compared to 2.6 percent in the previous quarter supported mainly by the rental & leasing, and other professional, scientific & technical activities segments. 

Growth in the accommodation & food services sector picked up to 1.3 percent year-on-year, from 1.0 percent in the previous quarter. 

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a faster pace of 4.9 percent, compared to 2.6 percent in the previous quarter.

For the whole of 2014, 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. On the other hand, growth in the construction sector moderated to 3.0 percent 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 & insurance and business services sectors, which recorded growth rates of 7.7 percent and 2.9 percent respectively. The wholesale & retail trade, transportation & storage, and information & communications sectors expanded by 1.7 percent, 1.7 percent and 3.6 percent respectively

Singapore Economic Growth At Almost 2-Year Low