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Singapore economy grew 3.5% in H1

Staff writer |
Singapore's economy grew by 3.5 percent year on year in the first half of 2014, Prime Minister Lee Hsien Loong said in his National Day message broadcast.

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The prime minister said that the full-year economic growth forecast is now 2.5-3.5 percent, compared to the earlier forecast of 2-4 percent.

Singapore's economy grew by 4.7 percent year on year in the first quarter. The growth slowed to 2.1 percent in the second quarter, dragged by a slowdown in manufacturing, according to flash estimates released by the Ministry of Trade and Industry in July.

Prime Minister Lee said in his National Day Message that the globalized world offers many opportunities for the bold and enterprising. "But it also makes people uncertain and anxious about their future." He said that Singapore has changed, too, with most of the people born after the independence in 1965 and growing up in a completely different Singapore.

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