Economy grew more than expected in Q1
Singapore’s economy grew 2.3 percent in Q1 2014 on quarter-on-quarter basis, the Ministry of Trade and Industry (MTI) announced. This is more than the preliminary estimate of 0.1 percent, according to media reports.
The growth was primarily due to the robust performance in the manufacturing sector, which grew 11.9 percent quarter-on-quarter in Q1 and 9.8 percent year-on-year. The figure was also boosted by growth in construction and finance.
Meanwhile, Singapore’s economy grew 4.9 percent on a year-on-year basis.
The 2014 growth forecast for the Singapore economy is maintained at two to four percent.
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