By Gaurav Raghuvanshi
SINGAPORE--Singapore's economy rose faster than expected in the fourth quarter, taking full year gross domestic product growth above the authorities' prior projections.
The island state's GDP grew by 9.1% in the three months to the end of December on a seasonally adjusted and annualized basis compared with the previous quarter, according to advance estimates by the Ministry of Trade and Industry on Tuesday.
A poll of economists by The Wall Street Journal had forecast a 4.2% expansion in the fourth quarter. GDP had declined 1.9% in the third quarter.
On a year-over-year basis, the island nation's economy grew 1.8% in the three-month period, compared with a median 0.6% increase tipped by the economists. GDP rose 1.2% in the third quarter from a year earlier.
The services sector, which accounts for more than two-thirds of Singapore's GDP, grew 0.6% on year in the quarter, while the manufacturing sector expanded 6.5%, the data showed. Construction, however, fell 2.8% on year.
For the whole of 2016, the economy grew by 1.8%, above the government's earlier announced growth forecast of between 1.0% to 1.5% for 2016.
Write to Gaurav Raghuvanshi at email@example.com
(END) Dow Jones Newswires
January 02, 2017 19:35 ET (00:35 GMT)
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