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            october 17, 2019

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Singapore GDP increases 4.1pc in 2013


Singapore's economy grew 4.1 per cent in 2013, higher than the 1.9 per cent growth in 2012, with this year's growth forecast at two to four per cent, said the Ministry of Trade and Industry.
Singapore's total trade grew 3.8 per cent in the fourth quarter, following an expansion of 5.8 per cent in the previous quarter.
Fourth quarter GDP growth came in at 5.5 per cent in the fourth quarter, down 5.8 per cent growth from the previous three months.
External trade declined 0.5 per cent in 2013, against the 1.1 per cent increase in the previous year.
Total trade reached S$980.2 billion (US$773.05 million) in 2013, lower than the previous year's S$984.9 billion. Total exports expanded 0.6 per cent in 2013 while imports declined 1.6 per cent in the same period.
The transport and storage sector grew at a slower page of 4.8 per cent year on year compared to a 5.8 per cent growth in the previous year after a 6.3 per cent growth the previous year, mainly due to a slowdown in air transport.
On a quarter-on-quarter basis, transport and storage growth slowed to an annualised rate of 1.1 per cent, down 10.5 per cent growth in the previous quarter.
As to outlook, the ministry said: "The global economic outlook is expected to improve modestly in 2014, supported by sustained, but slow recovery in the US and Eurozone. In Asia, China's growth is expected to moderate slightly. Key ASIAN economies are expected to remain resilient while improvements in advanced economies should help support their exports."

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