Singapore's economy grew 2.8% in 2014

SINGAPORE'S economy grew 2.8 per cent in 2014, but the "moderately well" performance was dimmed by a "disappointing" minus 0.5 per cent productivity growth in the first three quarters of the year.

Unveiling these numbers in his New Year Message, Prime Minister Lee Hsien Loong also said that real median incomes continued to rise, leading to a 10 per cent jump over the last five years.

Productivity has been weak for the third year in a row, according to Mr Lee who said that Singapore must redouble its efforts to help companies and workers upgrade to become more productive.

Even then, he said that Singapore's economy will grow slower than it used to. But Mr Lee stressed that economic growth remains important for Singapore.

"Growth is not the be-all and end-all, but it is the only way for us to create good jobs for all and earn a good living, so that as a nation we can invest in our people and our future," he said.