Singapore's growth forecast to remain at 2-4%

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Asean Affairs 21 February 2014

Singapore's growth forecast to remain at 2-4%

Singapore: The growth forecast for Singapore will remain at 2-4 per cent in 2014, with the economy growing by 4.1 per cent in 2013, the Ministry of Trade and Industry (MTI) announced Thursday.

It said that on a year-on-year basis, the Singapore economy grew by 5.5 per cent in the fourth quarter of 2013, easing slightly from the 5.8 per cent growth in the preceding quarter.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 6.1 per cent, significantly higher than the 0.3 per cent growth in the previous quarter.

MTI said that for the whole of 2013, the Singapore economy expanded by 4.1 per cent, higher than the 1.9 per cent growth in 2012.

Looking ahead, it said the Singapore economy is expected to post modest growth in 2014 with externally-oriented sectors such as manufacturing and wholesale trade likely to continue to recover and provide support to growth,together with the recovery in global demand.

However, it cautioned that tight labour conditions could weigh on growth in some labour-intensive domestically-oriented sectors.

The forecast which comes ahead of Singapore's Budget Day on Friday was better than the earlier forecast for growth of 3.5 to 4 per cent.

The better than expected outcome was due to strong growth in the manufacturing sector.

The star performer in Q4, the manufacturing sector grew by 7 per cent on a year-on-year basis, extending the 5.3 per cent growth seen in the previous quarter.

Growth was supported by improvements in the electronics cluster and continued expansion of the transport engineering cluster.

Growth also seen in the wholesale and retail trade sector.

It expanded by 7.3 per cent in Q4, extending the 6.3 per cent growth in the previous quarter.

The finance and insurance sector grew by a robust 9.7 per cent, following the 10 per cent growth in the previous quarter.

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