Singapore, Singapore (4E) – Singapore’s gross domestic product (GDP) expanded in the fourth quarter, according to official data released Thursday, which is a revision of last month’s estimate that had showed a contraction.
On an annualized, seasonally adjusted basis, the island-state’s economy climbed 6.1 percent in the final three months of 2013, which is higher than the 2.7 percent decline from the preceding quarter estimated in January and gaining from the 0.3 percent on-quarter growth in the third quarter.
Singapore’s economy grew by 5.5 percent in the fourth quarter year over year, slowing slightly from the 5.8 percent advance in the previous three months, according to the Ministry of Trade and Industry. The government had earlier forecast the economy to jump 4.4 percent in the fourth quarter from the year-earlier period.
The result was largely driven by the 7.0 percent year over year growth in the manufacturing sector, boosted by strong growth in transport engineering and improved electronics cluster, according to the report.
The government raised last year’s GDP growth estimate to 4.1 percent from 3.7 percent reported last month and kept the forecast for 2014 growth between 2 percent and 4 percent.