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Singapore’s economy to grow by 3% this year

by ChemOrbis Editorial Team -
  • 25/11/2014 (15:01)
According to a statement released by the Ministry of Trade and Industry (MTI) of Singapore, the country’s gross domestic product grew 2.8% year over year in the third quarter of this year. Initial estimates of the Ministry called for an increase of 2.4%. The increase was attributed to stronger finance and insurance, and business services sectors.

Singapore’s economy grew 3.3% in the first nine months of this year. The country’s finance and insurance sector grew by 10.5% on a yearly basis from 5.5% posted in the previous quarter while the business services sector increased 3.4% year over year in the July- September period of this year.

The country’s manufacturing climbed 1.9% in the third quarter from 1.5% in the second quarter while retail sales grew by 2% from 1.8% recorded in the previous three months. However, the country’s construction sector grew at a slower rate of 1.7% year over year when compared to the growth rate of 3.7% in the previous quarter due to weaker private sector construction.

MTI expects the country’s economy to grow by 3% this year and between 2% and 4% in 2015 mainly due to a slowdown in global economies. It was reported that export-oriented sectors are expected to remain subdued while domestically- oriented sectors like business services are likely to be resilient.
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