Singapore dodges an expected recession by revising first nine months GDP numbers downwards in order to raise Q4 data

The New York Times, 2 Jan 2013
Singapore’s G.D.P. expanded an annualized 1.8 percent in the fourth quarter from the third quarter after seasonal adjustments, advanced estimates from the Ministry of Trade and Industry showed Wednesday, reversing a 6.3 percent contraction in the July-September period.
Compared with a year earlier, Singapore grew 1.1 percent in the fourth quarter, bringing growth for 2012 to 1.2 percent, down from 4.9 percent in 2011. In November, the government had predicted growth of about 1.5 percent.
The surprise growth in G.D.P. during the fourth quarter was primarily the result of downward revisions to data for the first nine months of 2012. Full story

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