Economic growth for 2012 is 1.2%, lower than forecasts
Published on Dec 31, 2012 4:32 PM
Singapore's economy grew at a lacklustre 1.2 per cent in 2012, slightly lower than official forecasts of around 1.5 per cent.
The outlook for 2013 was not much better, with initial estimates setting growth at between 1 and 3 per cent.
Prime Minister Lee Hsien Loong announced the figures in his regular New Year's Message on Friday, saying that Singapore is now in a new phase of slower growth.
For 2012, he attributed some of the lacklustre numbers to weak economies in the US, Europe and Japan that had dampened growth in Singapore.
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