Singapore economy grew 2.4 pct in Q3

Singapore's economy grew by 2.4 percent on a year-on-year basis in the third quarter of 2014, the same pace of growth as in the previous quarter, the Ministry of Trade and Industry (MTI) said on Tuesday.

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy expanded by 1.2 percent, a reversal from the 0.1 percent contraction in the previous quarter.

Construction grew by 1.4 percent on a year-on-year basis, moderating from the 4.1 percent growth in the previous quarter. The slowdown was mainly due to weaker private sector construction activities.

Manufacturing grew by 1.4 percent on year, primarily supported by the biomedical manufacturing and electronics clusters.

The services producing industries grew by 2.9 percent on a year- on-year basis, slightly higher than the 2.8 percent growth in the preceding quarter. Growth was supported primarily by the finance & insurance and business services sectors.