24 Feb '16, 12am

via @business

via @business

Singapore’s economy grew more than initially estimated last quarter as a gain in services outweighed weaker manufacturing and exports. Gross domestic product rose an annualized 6.2 percent in the three months through December from the previous quarter, when it expanded a revised 2.3 percent, the trade ministry said in a statement Wednesday. That compares with a January estimate of a 5.7 percent gain and the median forecast of 4.5 percent in a Bloomberg News survey of 11 economists. Services have been a support for Singapore’s economy as slowing growth in China, one of its largest export destinations, has hurt demand for its goods. The city-state, among Asia’s most vulnerable to swings in global demand, saw non-oil domestic exports slide the most in almost three years in January as shipments to China slumped. “Services will be a key growth pillar for 2016, given Singapore’s...

Full article: http://www.bloomberg.com/news/articles/2016-02-24/singapo...

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