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Singapore's
GDP grows 0.4% in Q4; up 2.2% in 2002r
27 Feb 2003
Singapore's
fourth-quarter gross domestic product grew an annualised 0.4 percent
from the previous three months, reversing a 6.6 percent contraction
in the third quarter, as the economy escaped a technical recession.
This
brought full-year growth to 2.2 percent last year, compared to a
2.4 percent contraction in 2001, the Ministry of Trade and Industry
said.
The
official figures beat earlier advanced estimates for the fourth
quarter of 0.1 percent annualised growth.
For
2003, the ministry maintained its growth forecast of two percent
to five percent, saying it expected the recovery in the global electronics
industry to remain soft.
Manufacturing
was the best performing sector in 2002, expanding 9.9 percent on
year in the fourth quarter and up 8.3 percent for the full year.
But
the construction sector remained in the doldrums, contracting 11.9
percent on year in the fourth quarter and 10.8 percent in the whole
of 2002.
Goods-producing
industries expanded five percent on year in the fourth quarter and
four percent for the full year.
The
services industry rose 1.9 percent on year in the fourth quarter,
and expanded 1.5 percent for the full year.
But
the financial services sub-sector shrank 4.9 percent on year in
the fourth quarter and was down 4.8 percent for the full year.
The
ministry said the consumer price index fell 0.4 percent in 2002.
Singapore
posted a balance of payments surplus of S$2.3 billion last year,
compared with a deficit of S$1.6 billion in 2001.
The
current account had a S$33.5 billion surplus in 2002.
The
composite leading indicator, a barometer of business activity over
the next nine months, rose 1.5 percent in the fourth quarter over
the third quarter.
The
MTI said the forward-looking indicators "point to a mixed outlook
for the Singapore economy" in 2003.
"The
business expectation surveys show that manufacturers expect business
conditions to remain lacklustre in the first half of the year,"
it said.
"Sentiments
have also worsened among firms in the commerce, real estate and
transport and storage sectors," it added.
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