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Economic Forecast Singapore

Labour constraints impacting GDP growth

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Labour shortages are hindering growth of the local retail and food industry.

This was one of the key takeaways from a report released today by Singapore’s Ministry of Trade and Industry (MTI).

With such moderate growth expected of these labour-intensive sectors, the report narrowed 2014’s growth forecast for Singapore’s economy to a “modest pace” of between 2.5% to 3.5%.

It highlighted the Singapore economy grew by 2.4% on a year-on-year basis in the second quarter, moderating from the 4.8% growth in the previous quarter.

“On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 0.1%, slower than the 1.8% growth in the preceding quarter,” it stated.

It added the manufacturing sector grew by 1.5% year-on-year in the second quarter, while the construction sector grew at a rate of 4.4% in the same period.

Domestically-oriented sectors such as business services and information and communications were also highlighted as those expected to remain resilient, along with externally-oriented sectors such as finance and insurance, and wholesale trade.

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