22 February 2013 02:45 [Source: ICIS news]
SINGAPORE (ICIS)--Singapore’s economy grew by 1.5% in the fourth quarter of 2012, led by the services sector, while manufacturing dipped, the Ministry of Trade and Industry (MTI) said on Friday.
On a year-on-year basis, this was an improvement from the flat growth reported in the third quarter of 2012, the ministry said in a statement.
The manufacturing sector contracted by 1.1% year on year in the fourth quarter of last year following the 1.4% decline in the previous quarter, while the financial services and business services sectors each grew by 3.3%.
On a quarter-on-quarter seasonally-adjusted annualised basis, the city-state’s economy grew by 3.3% in October-December 2012, a reversal from the 4.6% contraction in the third quarter.
For the full year of 2012, Singapore’s economic growth slowed to 1.3%, from 5.2% in 2011, primarily because of weakness in the “externally-oriented” sectors.
MTI is maintaining its 2013 economic growth forecast for the city-state at 1-3%.
"The global macroeconomic conditions have stabilised in recent months against the backdrop of improved financial market conditions. Nevertheless, global economic growth is likely to remain subdued," the ministry said in a statement.
"Against this macroeconomic backdrop, the outlook for the Singapore economy remains cautiously positive,” it added.
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