A surge in manufacturing output has expanded Singapore's economy faster than expected in last year's fourth quarter.
Data released by the Ministry of Trade and Industry shows that the city state's gross domestic product grew 6.1% on an annualised, seasonally adjusted basis in the fourth quarter, besting the 2.7% on-quarter contraction estimated in January and accelerating from 0.3% on-quarter growth in the third-quarter.
The economy grew 5.5 per cent in the fourth quarter from a year earlier, compared to market expectations of 5.3 percent year-on-year growth in a Reuters survey and the government’s earlier estimate of 4.4 per cent. Full-year growth for 2013 reached 4.1 per cent, surpassing the government’s advance estimate of 3.7 per cent growth.
The manufacturing sector grew at an annualised 10.4 per cent in the fourth quarter from the third, while year-on-year manufacturing growth accelerated to 7 per cent from a 5.3 per cent expansion in the previous period.