Singapore economy grew higher-than-estimated 2.9% in 2014; 2015 forecast unchanged at 2-4%

The Singapore economy grew by 2.9 per cent in 2014. Growth forecast for this year to remain unchanged at 2 to 4 per cent. -- ST PHOTO: NEO XIAOBIN
The Singapore economy grew by 2.9 per cent in 2014. Growth forecast for this year to remain unchanged at 2 to 4 per cent. -- ST PHOTO: NEO XIAOBIN

SINGAPORE - The Singapore economy grew 2.9 per cent last year, marginally higher than an earlier estimate of 2.8 per cent.

This was slower than 2013's 4.4 per cent expansion, data from the Ministry of Trade and Industry (MTI) released on Tuesday showed.

MTI expects the Singapore economy to grow at a modest pace of 2 to 4 per cent this year, unchanged from its earlier forecast.

-- SOURCE: MINISTRY OF TRADE AND INDUSTRY

The manufacturing sector picked up pace in 2014, even as growth in the construction and services industries moderated.

Growth in manufacturing, which makes up a fifth of the Singapore economy, improved from 1.7 per cent in 2013 to 2.6 per cent last year, supported mainly by the biomedical and chemicals clusters.

-- SOURCE: MINISTRY OF TRADE AND INDUSTRY