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Singapore economy slows down in year end of 2014

Singapore’s economy in the last quarter of 2014 tapered off with a 1.5 percent growth year on year after expanding by 2.8 percent in the third quarter, said the Ministry of Trade and Industry (MTI).
Singapore’s economy in the last quarter of 2014 tapered off with a 1.5percent growth year on year after expanding by 2.8 percent in the thirdquarter, said the Ministry of Trade and Industry (MTI).

According to MTI, the manufacturing sector in October-Decemberexperienced a year-on-year slide of 2 percent after recording anexpansion of 1.7 percent in the third quarter.

Meanwhile, theconstruction sector in the September-December period was marked by aslight 0.8 percent rise in growth compared to the same quarter of 2013,0.5 percent less than the previous quarter.

The slowing growthwas attributed in particular to the decrease in private house pricewhich dropped 1 percent in the fourth quarter, marking five consecutivequarters’ fall.

Based on the statistics, MTI estimated thatSingapore's economy grew at 2.8 percent in 2014, lower than its previousforecast of around 3 percent.-VNA

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