SINGAPORE: Singapore’s economy expanded by just 1.5% on annual basis in the fourth quarter of 2014, missing expectations, and preliminary government data showed.
Poll forecast 2% year on year growth in the fourth quarter. The latest GDP reading was much lower than the 2.8% annual growth in the third quarter. GDP grew 1.6% quarters on quarter, compared to 3% forecast in the poll.
The island’s manufacturing sector contracted 2% on year in Q4, a reversal from the 1.7% expansion in the preceding quarter. The construction sector gained 0.8% on year, moderating from 1.3% in the preceding quarter.
The nation’s statistics bureau said that the contraction was mainly because of a decline in the output of the transport engineering, electronics and general manufacturing clusters.
Growth was supported mainly by public sector construction activities, the Ministry of Trade and Industry added.
