Singapore's Q4 GDP grows by 3.6%, manufacturing output falls

03 January 2012 02:37  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore's economy expanded by 3.6% year on year in the fourth quarter of 2011 but contracted on a quarter-on-quarter basis as a result of a slowdown in manufacturing output, official data showed on Tuesday.

On a seasonally-adjusted quarter-on-quarter annualised basis, the city-state’s economy contracted by 4.9% in the fourth quarter, following the 1.5% gain in the previous quarter, according to a statement by the Ministry of Trade and Industry (MTI).

For the whole of 2011, Singapore’s economy is estimated to have expanded by 4.8%, in line with MTI’s growth forecast of around 5.0% for the year, it said.

“The moderation of growth in the fourth quarter was largely due to the slowdown in the manufacturing sector,” the MTI said.

Output from the country’s manufacturing sector grew by 6.5% year on year in the October-December period of 2011, down from 13.4% in the preceding quarter, according to the MTI.

On a quarter-on-quarter annualised basis, the sector contracted by 21.7%, reversing the 10.1% expansion in the previous quarter, it added.

"This largely reflected the continued decline in the electronics cluster, as well as a pull-back in growth in the biomedical manufacturing cluster,” the MTI added.

Prime Minister Lee Hsien Loong reiterated the Singapore government’s 2012 growth forecast of 1%-3% in a New Year message on 31 December last year.

“The external environment is uncertain. Debt problems in Europe are far from solved. Next year looks like being difficult for the global economy,” he said.

“As a small, open country, Singapore will inevitably be affected,” Lee added.

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By: Nurluqman Suratman



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