On a quarter-on-quarter basis, Singapore’s economy grew 3.3 percent, boosted by a rebound in the country’s manufacturing sector.
According to the latest data from the Ministry of Trade and Industry, the sector expanded by an annualised rate of 3.1 percent in the October to December period, compared with the previous three months.
The ministry said the rebound was helped by growth in the biomedical manufacturing and transport engineering sectors, which helped offset a decline in the output of the electronics sector.
At the same time it forecast growth in Asia as a whole would be moderate, supported by resilient domestic demand and a modest growth in external demand.
"Against this macroeconomic backdrop, the outlook for the Singapore economy remains cautiously positive," the ministry said.
(Source: BE Business Excellence)