Singapore GDP Growth Revised UP
Singapore's GDP advanced 2.8 percent year-on-year in the third quarter of 2014, up from a revised 2.3 percent expansion in the preceding quarter and a preliminary estimate of 2.4 percent. The figure came above expectations, mainly driven by manufacturing.
11/25/2014 12:25:53 AM
Year-on-year, the manufacturing sector expanded by 1.9 percent, a slight improvement from the 1.5 percent growth in the previous quarter. Growth in the sector was supported primarily by the biomedical manufacturing and chemicals clusters. On a
Growth in the construction sector moderated to 1.7 percent compared to 3.7 percent in the previous quarter. This was primarily due to weaker private sector construction activities.
The wholesale & retail trade sector grew by 2.0 percent, faster than the 1.8 percent growth in the preceding quarter. The slight pickup in growth was due to a smaller drag from the retail trade segment, even as the wholesale trade segment grew at a similar pace as in the previous quarter. -
The transportation & storage sector expandedby 0.1 percent, moderating from the 2.1 percent growth in the second quarter. Growth was weighed down by the
water and air transport segments.
Growth in the finance & insurance sector surged to 10.5 percent, from 5.5 percent in the previous quarter. The sector’s growth was supported mainly by the financial intermediation and insurance segments.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 3.1 percent, a reversal from the 0.3 percent decline in the previous quarter.
The economy is expected to advance 3 percent in 2014, according to estimates from the Ministry of Trade and Industry.