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The Ministry of Trade and Industry (MTI) announced that the Singapore economy grew by +1.3% in 2012 with the government maintaining its growth forecast for 2013 at 1.0 to 3.0%. In the last three months of the year, the economy grew by +1.5% on a year-on-year basis.
In the fourth quarter, the manufacturing sector contracted by -1.1% while the construction sector grew by +5.8%. The wholesale & retail trade sector contracted by -1.5%. Prospects were brighter in the finance & insurance and business services sectors which grew by +3.3%.
The data also shows that labour productivity fell by -2.5% in the fourth quarter, the fifth consecutive quarter of decline. In the period, employment rose by 44,500, with the majority of the gains reported in construction (11,100), wholesale and retail trade (7,800), accommodation and food services (7,500) and business services (5,100).
Looking ahead, the ministry said: “Global economic growth is likely to remain subdued. In Asia, growth is likely to be moderate, supported by resilient domestic demand and modest growth in external demand. Against this macroeconomic backdrop, the outlook for the Singapore economy remains cautiously positive.”