Singapore growth averts recession

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.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2569-0.0012-0.09%
    USDSGD=X
    1.7388-0.0014-0.08%
    EURSGD=X
    2.1124-0.0014-0.07%
    GBPSGD=X
    81.4613+0.1693+0.21%
    SGDJPY=X
    6.1679+0.0052+0.08%
    SGDHKD=X
    2.6032+0.0048+0.19%
    SGDMYR=X
    9,255.4297-0.5967-0.01%
    SGDIDR=X
    4.9780+0.011+0.22%
    SGDCNY=X
    1.1651-0.0001-0.01%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,291.80+1.20+0.09%
    GCM14.CMX
    19.55-0.14-0.73%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.120.00-0.06%
    HGK14.CMX
    101.99+0.05+0.05%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    2.22+0.010+0.45%
    JS8.SI
    1.155+0.005+0.43%
    U6C.SI
    0.1230.0000.00%
    B22.SI
    1.34-0.015-1.11%
    G13.SI
    0.61-0.005-0.81%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    1.315+0.084+6.82%
    O9A.SI
    0.56+0.010+1.82%
    H17.SI
    0.131+0.006+4.80%
    I9T.SI
    0.159+0.007+4.61%
    5HH.SI
    0.19+0.006+3.26%
    KF4.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.09-0.020-18.18%
    CL7.SI
    0.151-0.009-5.63%
    A03.SI
    0.69-0.045-6.12%
    L02.SI
    0.30-0.015-4.76%
    K29.SI
    0.205-0.010-4.65%
    510.SI