Based on advance estimates, the Singapore economy grew at a modest pace of 1.1 per cent on a year-on-year basis in the fourth quarter of 2012, an improvement from the flat growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 1.8 per cent, an upturn from the contraction of 6.3 per cent in the preceding quarter.

For the whole of 2012, the economy is estimated to have grown by 1.2 per cent. This is slightly lower than MTI's growth forecast of around 1.5 per cent, as the weakness.

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MINISTRY OF TRADE AND INDUSTRY
2 January 2013

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