Asia Economy

Singapore Revises Quarterly Growth Sharply Higher

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Singapore's economy expanded faster than initially forecast in the fourth quarter, government data showed on Friday.

The economy grew an annualized 3.3 percent in the October to December quarter, compared to a January estimate of a 1.8 percent growth and against a 4.6 contraction in the July to September quarter.

Singapore maintained its 2013 growth forecast of 1-3 percent, the ministry said.

"The global macroeconomic conditions have stabilized in recent months against the backdrop of improved financial market conditions. Nevertheless, global economic growth is likely to remain subdued," it said.

Singapore's economy grew 1.3 percent in 2012, slightly higher than the advance estimate of 1.2 percent. In 2011, the economy grew 5.2 percent.