Singapore Manufacturing Lifts Economy

Singapore Manufacturing Lifts Economy

Robust fourth quarter performance boosted annual GDP growth in 2013 to 4.1%, 

SINGAPORE -- Revising its previous estimation of a contraction, Singapore's economy expanded 6.1% on-quarter in October-December owing to a surge in manufacturing, the government said Thursday.

The city-state had last month estimated a 2.7% 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% on-quarter, led by electronics and transport engineering.

The sector improved 7% year-on-year.

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

Robust fourth quarter performance boosted annual GDP growth in 2013 to 4.1%, better than the government's earlier revised forecast for 3.5%-4% expansion.

The ministry maintained its forecast for the economy to expand 2% - 4% this year against the backdrop of a sustained but slow recovery in the U.S. and the eurozone, and a projected moderation in China's growth.

Copyright Agence France-Presse, 2014

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