Singapore: Fourth quarter GDP revised upwards
February 22, 2013
In the fourth quarter, GDP increased at a seasonally-adjusted annualized rate (saar) of 3.3% over the previous quarter, according to more detailed figures released on 22 February. The figure was revised up from the advanced estimate of a 1.8% rise and exceeded market expectations of a 2.0% expansion. Compared to the same quarter the year before, GDP grew 1.5% (previously reported: +1.1% year-on-year), which came in above the flat reading seen in the third quarter. In the full year 2012, the economy expanded 1.3%, well below the 5.5% rise tallied in 2011.
Revised figures showed that manufacturing output increased 3.1% in the fourth quarter (previously reported: -10.8% qoq saar), which contrasted the 16.6% decline observed in Q3. Similarly, output in the services sector grew 2.5% in the fourth quarter (previously reported: +7.0% qoq saar), which was above the 0.4% rise seen in the third quarter. On the other hand, construction fell 3.9% in the fourth quarter (previously reported: -8.9% qoq saar), contrasting the 3.2% increase registered in the third quarter.
The government expects GDP to grow between 1.0% and 3.0% this year. FocusEconomics Consensus Forecast panelists project the economy to increase 2.7% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, the panel expects growth to accelerate to 3.9%.