Singapore economy grew 2.9% in last year, down from 4.4% in 2013

The financial sector was the best performer.

The Singapore economy expanded by 2.9% in 2014, slower than the 4.4% growth recorded in 2013.

Data released today by the Ministry of Trade and Industry (MTI) showed that growth was supported mainly by the finance & insurance and business services sectors, which recorded growth rates of 7.7% and 2.9% respectively.

Meanwhile, growth in the manufacturing sector improved from 1.7% in 2013 to 2.6% in 2014, supported by the biomedical manufacturing and chemicals clusters.

On the other hand, growth in the construction sector moderated to 3% from 6.3% in 2013, weighed down by private sector construction activities.

The services producing industries grew by 3.2% in 2014, easing from the 6.1% growth in 2013.

The wholesale & retail trade, transportation & storage, and information & communications sectors expanded by 1.7%, 1.7% and 3.6% respectively.