Singapore Grows 1.1 percent Beating Estimates

Singapore’s economy has averted a technical recession, as it reported better-than-expected growth data for the fourth quarter.

The economy expanded 1.1% in the October to December period, from a year earlier, advance estimates showed.

On a quarter-on-quarter basis, the economy grew 1.8%. That is up from a 6.3% contraction in the third quarter.

Growth was boosted by a rebound in the services industries, which include retail, finance and insurance sectors.

For the full year, the government said it estimates the economy to have grown by 1.2%.

That is lower than its forecast of around 1.5% annual growth for 2012.

via BBC

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