Singapore more than triples earlier Q4 growth in 2014

SINGAPORE: Singapore's economy grew more strongly than initially estimated in the final quarter of last year as manufacturing improved, but the country's outlook for this year remained modest at 2.0 to 4.0 per cent in the face of an uneven global recovery.

The Ministry of Trade and Industry ( MTI) said the country's economy grew by 2.9 per cent in 2014. The growth forecast for 2015 has been maintained at 2.0 to 4.0 per cent.

Annualised growth came in at 4.9 per cent in the September-October quarter from the previous three months when the economy expanded 2.6 per cent, it said. That was three times the government's initial estimate of 1.6 per cent growth.

This year's growth in the manufacturing sector improved to 2.6 per cent from 1.7 per cent in 2013.

It was supported by the biomedical manufacturing and chemicals clusters. Growth in the construction sector moderated to 3 per cent this year from 6.3 per cent in 2013, weighed down by private sector construction activities.

The services producing industries grew by 3.2 per cent in 2014, easing from the 6.1 per cent growth in 2013.

The ministry said the global economic outlook has softened in recent months, with growth in 2015 expected to come in only marginally better than in 2014.

The pace of recovery is also likely to remain uneven across the economies, with the US economy being the main bright spot.

Growth in the US economy is expected to accelerate in 2015, supported by domestic demand.