Singapore's economy grows 1.1 per cent in fourth quarter
The Singapore economy grew by a better than expected rate in the final three months of the year, beating off worries that it was heading into a recession.
The economy expanded 1.8 per cent in the fourth quarter, compared with the previous three months, much better than the 6.3 per cent decline seen in the previous quarter.
Many analysts had expected a decline in the fourth quarter, which would mean a technical recession here.
But it was not to be. In fact, compared with the previous year, the fourth quarter also showed a positive expansion of 1.1 per cent, rounding the year's growth at 1.2 per cent.