Just in:  

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

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 17,719.92 0.44
Arrow Nasdaq 5,108.67 0.37
Arrow S&P 2,080.41 0.46
Arrow FTSE 6,356.09 0.30
Arrow DAX 11,382.23 0.78
Arrow CAC-40 4,957.60 0.56
Arrow Nikkei 19,747.47 0.69
Arrow H.Seng 21,996.42 0.33
Arrow Sensex 26,145.67 0.07

Wholesale Camping Equipment from China at 

New 2015 adidas and Nike Soccer Cleats at Kicks Corner uk

Ad Asia 2015

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 30, 2015
Reserves $19.828 bln