Updated: 02/20/2014 18:19

Singapore economy grew a better than forecast 4.1% in 2013



Singapore economy grew a better than forecast 4.1% in 2013

The Singapore economy grew a higher than forecast 4.1 per cent last year helped by strong growth in the manufacturing sector. 

The Ministry of Trade and Industry had expected growth of 3.5 to 4 per cent. 

MTI has also maintained the growth forecast for this year at 2 to 4 per cent. 

On a year-on-year basis, the economy grew by 5.5 per cent in the fourth quarter, easing slightly from the 5.8 per cent growth in the preceding quarter. 

On a quarter-on-quarter basis, the economy expanded by 6.1 per cent, significantly higher than the 0.3 per cent growth in the previous quarter. 

Manufacturing was the star performer in last quarter of 2013. 

The sector grew by 7 per cent on a year-on-year basis, extending the 5.3 per cent growth seen in the previous quarter. 

Growth was supported by improvements in the electronics cluster and continued expansion of the transport engineering cluster. 

The construction sector grew by 4.8 per cent, slower than the 6.6 per cent growth in the preceding quarter, due to a moderation in private sector construction activities. 

Growth also seen in the wholesale and retail trade sector - It expanded by 7.3 per cent in quarter four, extending the 6.3 per cent growth in the previous quarter. 

The finance and insurance sector grew by a robust 9.7 per cent, following the 10 per cent growth in the previous quarter. 

For this yer, MTI says externally-oriented sectors such as manufacturing and wholesale trade are likely to continue to recover and provide support to growth, in tandem with the recovery in global demand. 

However, tightness in labour conditions could weigh on growth in some labour-intensive domestically-oriented sectors.

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