According to the Ministry of Trade and Industry, “For the whole of 2013, the economy is estimated to have grown by 3.7 per
cent. This is in line with MTI’s growth forecast of 3.5 to 4.0 per cent.”
Gleaming through the press release titled, “Singapore’s GDP Grew 4.4 Per Cent in the Fourth Quarter of 2013” it is indicative that the GDP in 2013 was low at 0.3 per cent. A drop from the slow moving 2012, at 1.5 per cent from the last quarter of 2012 – bearing in mind that the overall average GDP for 2012 was a low 1.3 per cent.
The good news is growth picked up sharply in the second quarter of 2013, in contrast to the low 0.3 per cent in first quarter, to a notable 4.3%. GDP is pushed upwards to a 5.8% in the third quarter, before concluding the year’s last quarter with 4.4%. Averaging the overall GDP for 2013 to 3.7%, which is “in line with MTI’s growth forecast of 3.5 to 4.0 per cent.”
So, what does this have to say about 2014?
It appears that the projected economic growth for 2014 is modest given that the global economic outlook will pick up gradually because of the slow recovery in US and Eurozone, also the reforms in China and some ASEAN economies. Not discounting the uncertainties pegged to the global growth outlook.
Despite the downside risks and modest forecast, it seems that “the Singapore economy is
expected to grow by 2.0 to 4.0 per cent in 2014”.
So if you’re considering to start up a company in Singapore this year, don’t be discouraged by the modest projection as you can build your business foundation and also leverage on the Productivity and Innovation Credit!
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