The Malaysian Insider

Business

Singapore PM says economy grew 4.8pc in 2011

Dec 31, 2011

File photo of the Merlion, a symbol of Singapore, is seen illuminated at dusk in Singapore. The country’s economy contracted in the last three months of this year. — Reuters pic
SINGAPORE, Dec 31 — Singapore’s economy grew 4.8 per cent in 2011, Prime Minister Lee Hsien Loong said today, indicating the city-state’s gross domestic product (GDP) contracted sharply during the last three months of the year.

“We achieved steady growth of 4.8 per cent this year,” Lee said in his New Year message.

“The external environment is uncertain. Debt problems in Europe are far from solved. Next year looks like being difficult for the global economy. As a small, open country, Singapore will inevitably be affected,” he added.

The 4.8 per cent growth figure for the whole year cited by Lee suggests the Singapore economy contracted by around 10 per cent in the fourth quarter on an annualised, seasonally adjusted quarter-on-quarter basis.

Singapore will report advance GDP estimates for the fourth quarter on Tuesday. — Reuters