Singapore's 2012 GDP growth revised up to 1.3%

Singapore's 2012 GDP growth revised up to 1.3%

The Singapore economy grew 1.5% yoy in the 4th qtr of 2012, more than the 1.1% official advance estimates issued in Jan showed. As a result, Singapore's GDP grew a larger 1.3% in 2012, the Ministry of Trade and Industry said on Fri, revising up its advance estimate of 1.2% growth.

On a q/q, seasonally-adjusted annualised basis, the economy grew 3.3% in Q4 2012. This too was larger than the 1.8% advance estimate of growth, and reversed a 4.6% contraction in the 3rd qtr.

The outlook for Singapore's economy remains "cautiously positive", as it reiterated its 2013 growth forecast of 1 to 3%. Although global macroeconomic conditions have stabilised in recent mths as financial mkt conditions improved, global economic growth is likely to remain subdued.

The US housing markt has shown improvement but the strength of its economic recovery will be restrained by fiscal tightening. In the Euro zone, economic growth will likely stay stagnant, weighed down by ongoing fiscal tightening, private sector de-leveraging, as well as high unemployment rates.