Singapore’s 2013 growth revised to 4.1%

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singapore squareSingapore’s economy expanded by 4.1 per cent in 2013, an improvement on the 1.9 per cent the previous year, the government said on February 20. The economy grew at a much faster pace than earlier thought in the final quarter of 2013, revised figures showed.

Gross domestic product (GDP) for the fourth quarter grew 5.5 per cent from the year ago period, better than the 4.4 per cent advanced estimate released in January 2014 and beating a forecast for a 5.3 per cent expansion. Quarter on quarter, the economy grew an annualized 6.1 per cent, compared with the advanced estimate of a 2.7 percent contraction, and against a Reuters poll expecting a 0.8 percent rise.

For 2014, the government is keeping its growth forecast at between 2 percent and 4 percent. Analysts attribute the upward revision to better-than-anticipated growth seen across industries, especially manufacturing.

“As expected, manufacturing was the source of the swing, to 10.4 per cent from -4 per cent, but there were big revisions to construction (to 1.4 per cent from -6.9 per cent ) and services (to 6.1 per cent from -1.7 per cent ) too,” Tim Condon of ING wrote in a note.

He added that the improving outlook for Singapore’s economy could shift focus to rising costs.

“We think the balance of risks is tilted toward inflation and we forecast the Monetary Authority of Singapore retaining its ‘modest and gradual’ stance this year,” he said.

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Reading Time: 1 minute

Singapore’s economy expanded by 4.1 per cent in 2013, an improvement on the 1.9 per cent the previous year, the government said on February 20. The economy grew at a much faster pace than earlier thought in the final quarter of 2013, revised figures showed.

Reading Time: 1 minute

singapore squareSingapore’s economy expanded by 4.1 per cent in 2013, an improvement on the 1.9 per cent the previous year, the government said on February 20. The economy grew at a much faster pace than earlier thought in the final quarter of 2013, revised figures showed.

Gross domestic product (GDP) for the fourth quarter grew 5.5 per cent from the year ago period, better than the 4.4 per cent advanced estimate released in January 2014 and beating a forecast for a 5.3 per cent expansion. Quarter on quarter, the economy grew an annualized 6.1 per cent, compared with the advanced estimate of a 2.7 percent contraction, and against a Reuters poll expecting a 0.8 percent rise.

For 2014, the government is keeping its growth forecast at between 2 percent and 4 percent. Analysts attribute the upward revision to better-than-anticipated growth seen across industries, especially manufacturing.

“As expected, manufacturing was the source of the swing, to 10.4 per cent from -4 per cent, but there were big revisions to construction (to 1.4 per cent from -6.9 per cent ) and services (to 6.1 per cent from -1.7 per cent ) too,” Tim Condon of ING wrote in a note.

He added that the improving outlook for Singapore’s economy could shift focus to rising costs.

“We think the balance of risks is tilted toward inflation and we forecast the Monetary Authority of Singapore retaining its ‘modest and gradual’ stance this year,” he said.

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