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Singapore eyes 3pc GDP rise in 2014 and expects to see 2-4pc in 2015

SINGAPORE's Ministry of Trade and Industry (MTI) expects the city state's economy to grow three per cent in 2014, and two to four per cent in 2015.

Singapore gross domestic product saw third quarter GDP grow 2.8 per cent year on year, higher than the 2.3 per cent growth in the second quarter.

"On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded 3.1 per cent, a reversal from the 0.3 per cent decline in the previous quarter," said the ministry communique.

The manufacturing sector expanded by 1.9 per cent year on year, a slight improvement from the 1.5 per cent growth in the previous quarter.

Growth in the sector was supported by the biomedical manufacturing and chemicals clusters.

"On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew 2.8 per cent, reversing the 14.9 per cent decline in the previous quarter," said the communique.

Growth in the construction sector moderated to 1.7 per cent year on year compared to 3.7 per cent in the previous quarter, mostly due to weaker private sector construction activities.

"On a quarter-on-quarter seasonally-adjusted annualised basis, the sector contracted 0.3 per cent, following the 4.2 per cent decline recorded in the preceding quarter," the ministry said.

The wholesale and retail trade sector grew two per cent year on year in the third quarter, faster than the 1.8 per cent growth in the preceding quarter.

"On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew 2.6 per cent, slowing from the 4.1 per cent growth in the preceding quarter," said the ministry.

Transport and storage expanded 0.1 per cent year on year, slowing from the 2.1 per cent growth in the second quarter, mostly on weaker air and water performance.

"On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew 2.3 per cent, recovering from the 0.9 per cent decline in the previous quarter," said the ministry.