The Ministry of Trade and Industry (MTI) maintained its 2013 GDP growth forecast at between 1 and 3 per cent.

"The global macroeconomic conditions have stabilised in recent months against the backdrop of improved financial market conditions. Nevertheless, global economic growth is likely to remain subdued," it said.

It also maintained its expectatations of exports to grow between 2 and 4 per cent this year.

The economy grew 1.5 per cent in the fourth quarter compared to a year ago, according to figures announced by MTI this morning.

The Singapore economy grew a better-than-expected 1.3 per cent last year, boosted by improvements in manufacturing.