SINGAPORE: Singapore on Thursday, Feb 17'' revised downwards fourth quarter GDP growth estimates and warned that inflation will be higher than earlier forecast.
"For 2011, the inflation forecast has been revised from 2.0 to 3.0 percent to 3.0 to 4.0 percent. In particular, inflation is expected to rise further to 5.0 to 6.0 permcent in the first few months of this year," the Ministry of Trade and Industry said in a statement.
The ministry also said the city-state's gross domestic product rose by 3.9 percent on an seasonally adjusted annualised basis from the third quarter and by 12 percent from a year ago, less than earlier forecast.
This meant Singapore's economy grew by 14.5 percent last year.
The growth rate for the fourth quarter was below the 12.5 percent annual and 6.9 percent quarter-on-quarter advance estimates reported in January, and was expected by analysts after December manufacturing came in below the earlier forecast.
Trade agency International Enterprises Singapore said in a separate statement that non-oil domestic exports are likely to grow by 8-10 percent this year, up from an earlier forecast of 6-8 percent, citing improved global economic outlook. - Reuters
"For 2011, the inflation forecast has been revised from 2.0 to 3.0 percent to 3.0 to 4.0 percent. In particular, inflation is expected to rise further to 5.0 to 6.0 permcent in the first few months of this year," the Ministry of Trade and Industry said in a statement.
The ministry also said the city-state's gross domestic product rose by 3.9 percent on an seasonally adjusted annualised basis from the third quarter and by 12 percent from a year ago, less than earlier forecast.
This meant Singapore's economy grew by 14.5 percent last year.
The growth rate for the fourth quarter was below the 12.5 percent annual and 6.9 percent quarter-on-quarter advance estimates reported in January, and was expected by analysts after December manufacturing came in below the earlier forecast.
Trade agency International Enterprises Singapore said in a separate statement that non-oil domestic exports are likely to grow by 8-10 percent this year, up from an earlier forecast of 6-8 percent, citing improved global economic outlook. - Reuters
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