Singapore sectors turn in mixed Q4 performance

The Singapore economy turned in a mixed sectoral performance in the fourth quarter of 2014, with the key manufacturing sector weakening but finance & insurance chalking up strong growth.

The manufacturing sector contracted by 1.3 per cent year-on-year, reversing the 1.7 per cent growth in the previous quarter. Growth in the sector was weighed down primarily by the transport engineering and electronics clusters.

On a quarter-on-quarter seasonally-adjusted annualised basis, the sector contracted by 2.5 per cent, following the 0.9 per cent growth in the previous quarter.

Growth in the construction sector eased to 0.7 per cent year-on-year, from 1.1 per cent in the previous quarter, due to weaker private sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector expanded by 2.2 per cent, faster than the 0.7 per cent growth in the preceding quarter.

The wholesale & retail trade sector grew by 0.6 per cent year-on-year, moderating from the 2.1 per cent growth in the preceding quarter. The moderation in growth was due to slower growth in the wholesale trade segment. On a quarter-on-quarter seasonally-adjusted annualised basis, growth in the wholesale & retail trade sector slowed to 0.6 per cent, from 1.9 per cent in the third quarter.

The transportation & storage sector contracted by 0.4 per cent year-on-year, compared to the 0.1 per cent growth in the previous quarter. Growth was weighed down mainly by the water transport, and storage & other support services segments. On a quarter-on-quarter seasonally-adjusted annualised basis, the transportation & storage sector grew by 0.3 per cent, moderating from the 0.7 per cent growth in the preceding quarter.

Growth in the finance & insurance sector accelerated to 10.3 per cent year-on-year, from 9.9 per cent in the previous quarter. The sector's growth was supported mainly by the fund management activities and insurance segments.

On a quarter-on-quarter seasonally-adjusted annualised basis, growth in the sector surged to 36.2 per cent, from 7.9 per cent in the third quarter.

The information & communications sector grew by 4.4 per cent year-on-year, higher than the 4.0 per cent growth in the previous quarter. On a quarter-onquarter seasonally-adjusted annualised basis, the sector's growth eased to 5.1

per cent, from 7.1 per cent in the preceding quarter.

The business services sector expanded at a slightly faster pace of 2.9 per cent year-on-year, compared to 2.6 per cent in the previous quarter. Growth was supported mainly by the rental & leasing, and other professional, scientific & technical activities segments. On a quarter-on-quarter seasonally-adjusted annualised basis, growth in the business services sector improved to 5.9 per cent, from 2.5 per cent in the previous quarter.

Growth in the accommodation & food services sector picked up to 1.3 per cent year-on-year, from 1.0 per cent in the previous quarter. "Other services industries" grew by 2.4 per cent, an improvement from the 1.6 per cent growth in the preceding quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the accommodation & food services sector expanded by 1.2 per cent, while the "other services industries" grew by 1.5 per cent.

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