Singapore Q4 growth revised to growth from contraction

SINGAPORE, Feb 20 (AFP): Singapore's economy expanded 6.1 per cent on-quarter in October-December owing to a surge in manufacturing, the government said Thursday, revising its previous estimation of a contraction and lifting overall growth in 2013 to 4.1 per cent.

The city-state had last month estimated a 2.7 per cent contraction in the fourth quarter based on preliminary data from October and November, but a ramp up in production and exports in December prompted the upward revision.

The Manufacturing sector, a major pillar of Singapore's trade-reliant economy, surged 10.4 per cent on-quarter, led by electronics and transport engineering.

The sector improved 7.0 per cent year-on-year.

The services sector also boosted growth, expanding 6.1 per cent in October-December from the previous quarter, stronger than the 0.2 per cent growth in the third quarter.