Updated: 08/13/2014 02:18

Singapore economy grew 2.4% in second quarter

Singapore economy grew 2.4% in second quarter

The Singapore economy grew 2.4 per cent in the second quarter. 

This is higher than the 1.9 per cent growth estimate announced last month. 

The Trade and Industry Ministry, MTI said the manufacturing sector grew by 1.5 per cent, a sharp slowdown from the 9.9 per cent expansion in the preceding quarter. 

This was largely due to a contraction in electronics output and slower growth in transport engineering output. 

The construction sector grew at a slower pace of 4.4 per cent, driven mainly by a fall in private construction. 

In the second quarter, the wholesale & retail trade sector grew by 1.7 per cent largely due to weaker growth in the wholesale trade segment. 

Growth in the transportation & storage sector slowed to two per cent, weighed down by slower growth in the water transport segment. 

The finance & insurance sector remained steady, expanding by 5.5 per cent, supported by the core financial intermediation and insurance segments. 

The business services sector expanded at a slower pace of 2.3 per cent due to significantly weaker growth in the rental and leasing segment. 

MTI said while recent data suggest that global economic activities are recovering modestly, uncertainties in the global macroeconomic environment remain. 

Against this backdrop, it said the Singapore economy is expected to grow at a modest pace this year. 

It has narrowed the 2014 growth forecast for the Singapore economy to between 2.5 and 3.5 per cent from a previous forecast for 2 to 4 per cent growth.

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