• Power to Gordhan

    SONA 2016 has set it all up for Pravin Gordhan, it shows just how powerful he may be, says Daniel Silke.

  • Inside Labour

    The history of Valentine Day cards gives a glimpse of how technology resulted in job cuts, says Terry Bell.

  • Courage to do right

    A number of factors will impede Zuma’s opportunity to have a ‘Lula moment’, says Prof Dirk Kotze.

All data is delayed
Loading...
See More

Singapore growth quells recession fears

Jan 02 2013 10:11
SAPA-AFP
Singapore - 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% 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%, reversing a revised 6.3% contraction in the third quarter. 

The figures are based on estimates.

Analysts feared the economy had likely slipped into a technical recession after two successive quarters of contraction. Prime Minister Lee Hsien Loong said in a speech on 1 January 2013 that GDP rose 1.2% for the full year.

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

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

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

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

Premier Lee said GDP was expected to grow 1.0-3.0% in 2013 due to expected continued weakness in global demand.



Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Will Jacob Zuma's State of the Nation speech help SA avoid "junk" downgrade?

Previous results · Suggest a vote

Loading...