S'pore economy to grow by 3% in 2014: MTI

Muneerah November 25, 2014

Singapore’s economy is expected to grow by around three per cent in 2014, the Ministry of Trade and Industry (MTI) said today.

The economy grew by 2.8 percent on a year-on-year basis in Q3 2014, higher than the 2.3 percent growth in the preceding quarter.

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.

Growth in the construction sector moderated to 1.7 percent year-on-year compared to 3.7 percent in the previous quarter, mainly due to weaker private sector construction activities. The sector contracted by 0.3 percent quarter-on-quarter, following the 4.2 percent decline recorded in the preceding quarter.

MIT added, “In the first three quarters of 2014, the Singapore economy grew by 3.3 per cent on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy.”

 

Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

 

Malaysia Property Show in Singapore, December 2014

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