02 January 2013 05:54 [Source: ICIS news]
SINGAPORE (ICIS)--Singapore’s economy grew by 1.1% year on year in the fourth quarter of 2012, as manufacturing shrank by 1.5%, the Ministry of Trade and Industry (MTI) said on Wednesday.
The city-state’s year-on-year economic growth was flat in the third quarter of last year, it said in a statement.
On a quarter-on-quarter seasonally-adjusted annualised basis, the city-state’s economy grew by 1.8% in the fourth quarter, reversing the 6.3% contraction in the preceding quarter, the MTI said.
For the whole of 2012, the economy is estimated to have grown by 1.2% year on year, it said.
“This is slightly lower than MTI’s growth forecast of around 1.5%, as the weakness in the manufacturing sector continued to weigh down on the economy,” the ministry added.
Singapore’s economy had been hit by the economic downturn in the US, Europe and Japan, the city-state’s Prime Minister Lee Hsien Loong said in his New Year address.
The country’s economy is expected to grow by 1-3% in 2013, he added.
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