Singapore: Economic growth rebounds in the last quarter of 2012
January 2, 2013
In the fourth quarter, GDP increased at a seasonally-adjusted annualized rate (saar) of 1.8% over the previous quarter, according to an advance estimate released by the Ministry of Trade and Industry (MTI) on 2 January. The positive reading contrasted the 6.3% contraction seen in the third quarter and came in above market expectations of a 1.6% increase. Compared to the same month the year before, GDP grew 1.1% (Q3: 0.0% year-on-year).
The improvement mainly reflected a better performance in services-producing industries, which bounced back from a 3.9% annualized contraction in the third quarter to a 7.0% expansion in the fourth. Meanwhile, construction output fell 8.9% in the fourth quarter (Q3: -17.4% quarter-on-quarter saar), whereas manufacturing declined 10.8% (Q3: -9.9% qoq saar).