The Singapore economy grew a weaker-than-expected 1.5 per cent year on year in Q4 2014, slowing from Q3’s 2.8 per cent expansion as the manufacturing sector shrank in the final quarter.
Growth of 1.5 per cent in Q4 implies that the economy grew 2.8 per cent over the whole of 2014, as Prime Minister Lee Hsien Loong announced in his New Year Message on Wednesday.
Israel did not fare too badly either, despite a difficult summer war in the Gaza Strip. The economy grew by 2.6 per cent in 2014, according to the Israeli Central Bureau of Statistics. They announced the figures at a news conference summarizing the year.
On a per capita basis, however, the rate of growth was just 0.7 per cent. That was because the country’s population grew by 1.9 per cent in 2014. The gross domestic product per Israeli in 2014 stood at 132,500 shekels (S$44,938) for the year.