31 Dec '12, 10am

UPDATE 1-Singapore economy grew by 1.2 pct in 2012 - PM: (Adds details, economists' comment) SINGAPORE, Dec 31

(Adds details, economists ' comment) SINGAPORE, Dec 31 (Reuters) - Singapore 's economy grew by 1.2 percent in 2012, Prime Minister Lee Hsien Loong said on Monday, indicating the city-state slipped into a recession in the last three months of the year. Credit Suisse economist Michael Wan , in a note to clients, estimated that 1.2 percent growth for the year implies the economy "contracted sequentially by 2 percent quarter-on-quarter annualised in the fourth quarter." "Following the minus 5.9 percent quarter-on-quarter seasonally adjusted and annualised rate in the previous quarter, we think that the economy has likely entered a technical recession," Wan added. His estimates assumed no revisions to data for the first three quarters. Singapore, whose trade is around three times GDP, has been badly hit by the weakness in Western economies that has crimped demand for many of i...

Full article: http://news.yahoo.com/1-singapore-economy-grew-1-2-pct-20...

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