Singapore economy grew 1.5% in Q4
On a quarter-on-quarter seasonally-adjusted annualized basis, the economy expanded by 1.6 percent, slower than the 3.1 percent expansion in the previous quarter.
Manufacturing contracted by 2.0 percent on-year in the fourth quarter, a reversal from the 1.7 percent expansion in the third quarter. The contraction was mainly due to a decline in the output of the transport engineering, electronics and general manufacturing clusters.
The manufacturing sector contracted at an annualized rate of 5.8 percent.
For the whole of 2014, the economy is estimated to have grown by 2.8 percent, MTI said, adding that the figure is in line with MTI's earlier announced growth forecast of around 3.0 percent. ■