Singapore economy grew better-than-expected 2.8% in third quarter; MTI sees 3% growth for 2014

Singapore's exports grew 1.1 per cent in the third quarter over last year, boosted by shipments of non-electronic products. -- PHOTO: ST FILE
Singapore's exports grew 1.1 per cent in the third quarter over last year, boosted by shipments of non-electronic products. -- PHOTO: ST FILE

SINGAPORE - Strong growth in the finance and insurance sector helped the Singapore economy expand 2.8 per cent in the third quarter of this year, higher than the advance estimate of 2.4 per cent growth made last month.

Though growth in other sectors like manufacturing and construction remained anemic, the economy still managed to pull ahead in the July-September period compared to the previous quarter's 2.3 per cent growth.

The Ministry of Trade and Industry expects full-year economic growth to come in at 3 per cent, it said in statement released on Tuesday.

Growth in the last three months of the year is expected to moderate in line with a projected slowdown in the global economy, the ministry added.

Externally-oriented sectors like manufacturing and transportation and storage are likely to remain sluggish, while the construction industry will continue to be dragged down by weak private sector building activities.

Domestically-oriented sectors like business services are expected to be more resilient, MTI said.

The Singapore economy is due to expand between 2 and 4 per cent next year.