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Singapore economy grew 1.5% in Q4

Staff writer |
The Singapore economy grew by 1.5 percent on-year in the fourth quarter of 2014, compared to 2.8 percent in the previous quarter, according to advance estimates released by the Ministry of Trade and Industry (MTI).

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.
On a quarter-on-quarter basis, the manufacturing sector contracted at an annualized rate of 5.8 percent, reversing the 3.0 percent growth registered in the preceding quarter. Construction grew by 0.8 percent, down from the 1.3 percent growth in the previous quarter, while the services producing industries grew by 2.6 percent, easing from the 3.4 percent growth in the preceding quarter.

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.

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