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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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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