Singapore’s economy grows 2.9% in 2014
The higher than expected increase was attributed to manufacturing declining by a smaller than estimated amount. Singapore’s manufacturing declined 2.5 % on a quarterly basis in the fourth quarter compared with an initial estimate of a 5.8% drop. Construction rose 2.2% while services grew 7.8% in the same period.
Economists stated that, in addition to manufacturing posting a smaller than expected decrease, Singapore also saw better demand from the US, which is country’s third largest export destination.
According to a separate repot released by International Enterprise Singapore, the country’s non-oil exports (NODX) increased 4.3% year over year, beating market expectations calling for a 1.9% increase while non-oil exports declined 0.7% in 2014 following a decrease of 6.0% in 2013.
Meanwhile, Singapore’s petrochemical exports fell 17.5% year over year in January while the country’s non-electronic NODX, which includes pharmaceuticals and petrochemicals, rose 4% on the year after increasing 3.2% in December. The largest increases were seen in exports to the EU, Hong Kong and China while exports to Japan and Indonesia declined in January.
Singapore’s government is forecasting economic growth of 2% to 4% this year.
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