According to the information released by the Ministry of Trade and Industry or MTI, Singapore’s economic prowess is expected to boost by 3% this year (2014).Singapore

During the third quarter this year, the economy of the country grew by 2.8%. The data was compared to the records over the past years. Also, the 2.8% was higher than the second quarter, which is just at 2.3% growth.

If data are to be reviewed on a quarter-to-quarter basis (annually and seasonally adjusted mode), the economy stretched to 3.1%, which is a great improvement over the 0.3% decline on the last quarter.

On the construction sector, the growth seemed to be at moderate pace. The records show 1.7% increase on a year-to-year basis, compared to the 3.7% over the last quarter.

To the Ministry of Trade and Industry, the first three quarters of this year enjoyed economic growth at around 3.3% (based on a year-to-year data). For the remaining months, growth may seem to ease down (based on a year-to-year data) because of the projected slowdown of the global economy.

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