All
 

 

Just in:  

You are here: Home»World»Business & Economy»Singapore avoids recession with Q4 growth

singapore-flagSINGAPORE: Singapore's economy grew in the fourth quarter, avoiding a technical recession despite disappointing growth figures for 2012, government data showed on Wednesday.

 

Gross domestic product (GDP) rose 1.1 percent year-on-year in the three months to December from zero growth in the previous quarter, the Ministry of Trade and Industry said.

 

On a quarter-on-quarter basis, the trade-dependent economy expanded by a seasonally adjusted annualised 1.8 percent, reversing a revised 6.3 percent contraction in the third quarter. The figures are based on estimates.

 

Analysts feared the economy had likely slipped into a technical recession -- two successive quarters of contraction -- after Prime Minister Lee Hsien Loong said in a New Year's Day speech that GDP rose 1.2 percent for the full year.

 

This was below the government's target for the economy to expand 1.5-2.5 percent.

 

"Overall growth of just over 1.0 percent is low by historical standards but it's still growth," said Song Seng Wun, a regional economist with CIMB Research.

 

The manufacturing sector shrank by an annualised 10.8 percent quarter-on-quarter as the European debt crisis and the sluggish US economy weakened global demand. Manufacturing contracted by 0.2 percent in 2012.

 

Construction also contracted 8.9 percent quarter-on-quarter but grew 8.8 percent on year. The services sector expanded 1.2 percent overall in 2012.

 

Premier Lee in his speech on Tuesday said GDP was expected to grow 1.0-3.0 percent in 2013 due to expected continued weakness in global demand.

 

Copyright AFP (Agence France-Presse), 2013

 


 



 
Index Closing Chg%
Arrow DJIA 17,156.85 0.15
Arrow Nasdaq 4,562.19 0.21
Arrow S&P 2,001.57 0.13
Arrow FTSE 6,780.90 0.17
Arrow DAX 9,661.50 0.30
Arrow CAC-40 4,431.41 0.50
Arrow Nikkei 15,888.67 0.14
Arrow H.Seng 24,376.41 1.00
Arrow Sensex 26,631.29 0.52





where to buy

cheap wedding dresses

online - weddingdresstrend.com

Buy cheap Nike Mercurials cleats at mercurialscleats.com
cheap wedding dresses on SiteSteer.com - Best Online Wedding Store


Banking Review 2013


Buy direct from

China free shipping trade platform

Buy new style hair wigs at cheap price on Ishowigs.com

Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln