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Singapore Q4 growth revised to growth from contraction

Singapore: Singapore’s economy expanded 6.1 per cent on-quarter in October-December owing to a surge in manufacturing, the government said on Thursday, revising its previous estimation of a contraction and lifting overall growth in 2013 to 4.1 per cent.

The city-state had last month estimated a 2.7 per cent contraction in the fourth quarter based on preliminary data from October and November, but a ramp up in production and exports in December prompted the upward revision.

The manufacturing sector, a major pillar of Singapore’s trade-reliant economy, surged 10.4 per cent on-quarter, led by electronics and transport engineering.

The sector improved 7.0 per cent year-on-year.

The services sector also boosted growth, expanding 6.1 per cent in October-December from the previous quarter, stronger than the 0.2 per cent growth in the third quarter.

Robust fourth quarter performance boosted annual GDP growth in 2013 to 4.1 per cent, better than the government’s earlier revised forecast for 3.5-4.0 per cent expansion.

The ministry maintained its forecast for the economy to expand 2.0-4.0 per cent this year against the backdrop of a sustained but slow recovery in the US and the eurozone, and a projected moderation in China’s growth.