Singapore: Economy slows in Q4 on manufacturing slump
January 2, 2015
According to advanced estimates, in the fourth quarter of 2014, the economy expanded 1.6% over the previous quarter at a seasonally adjusted annualized rate (SAAR). The reading came in well below the 3.1% expansion recorded in the previous quarter and the 3.0% rise that the markets had expected. In annual terms, GDP expanded 1.5% in Q4, which was also markedly below the 2.8% tallied in Q3.
Q4’s weak growth came on the back of a sharp decline in manufacturing, which swung from a 3.0% expansion in Q3 to a 5.8% contraction in Q4. Conversely, both services and construction sectors exhibited better performance in Q4 compared to Q3. More detailed data will be released on February 25, 2015.
Author: Cecilia Simkievich, Economist