SINGAPORE's Ministry of Trade and Industry has announced that the city state's gross domestic product (GDP) grew 2.9 per cent in 2014 as it held to its growth forecast two to four cent in 2015.
Growth came from finance and insurance, up 7.7 per cent, and business services, up 2.9 per cent while manufacturing, construction and transport growth declined.
Fourth quarter GDP was up 2.1 per cent year on year, falling from the 2.8 per cent growth rate in the third quarter.
Manufacturing contracted 1.3 per cent year on year, reversing the 1.7 per cent gain in the previous quarter, weighed down by the transport engineering and electronics clusters.
Construction sector growth slipped 0.7 per cent year on year. Wholesale and retail trade sector grew 0.6 per cent year on year, falling from the 2.1 per cent growth in the preceding quarter.
Transport and storage contracted 0.4 per cent year on year, weighed down by the water transport, storage and other support services segments.
But the global recovery is likely to be uneven with the US economy being the main bright spot with growth expected to accelerate in 2015, supported by domestic demand.
However, growth in the Euro zone is expected to remain weak, due to sluggish labour market conditions and deflationary pressures China's growth is also expected to fall in 2015 although the slowdown is likely to be contained.
In Singapore, the labour market is expected to remain tight, with low unemployment and rising vacancy rates. As a result, labour-intensive sectors such as construction, retail and food services may see their growth weighed down by labour constraints.
MARKETS
25 February 2015 - 23:18
Singapore GDP up 2.9pc on financial services as most other sectors slip
SINGAPORE's Ministry of Trade and Industry has announced that the city state's gross domestic product (GDP) grew 2.9 per cent in 2014 as it held to its growth forecast two to four cent in 2015.
MARKETS
25 February 2015 - 23:18
Singapore GDP up 2.9pc on financial services as most other sectors slip
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