While manufacturing and services edged up.
Citing Ministry of Trade and Industry (MTI), OCBC said Singapore’s economy grew by 1.5% in 4Q12, better than the street’s expectations of a 1.2% growth, as well as the zero growth seen in 3Q12.
On a seasonally-adjusted annualized basis, the economy expanded by 3.3% QoQ, compared to the 4.6% contraction in 3Q12.
Manufacturing grew by 3.1% QoQ vs 3Q12’s 16.6% decline, largely due to a rebound in biomedical output and transport engineering.
Construction contracted by 3.9% while services grew by 2.5% QoQ. All these factors brought 2012 growth to 1.3%.
"For 2013, the official growth forecast is maintained at 1.0- 3.0%, but key risks include the fiscal cutback in the US and the Eurozone debt crisis," OCBC added.
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