Singapore’s economy was thought to have contracted in the fourth quarter, but the government said Thursday that on second thought, it expanded – and quite quickly.
The city-state’s gross domestic product rose 6.1% on an annualized, seasonally adjusted basis in the fourth quarter, far above the 2.7% on-quarter contraction estimated in January. Stronger December data changed the picture, apparently.
“The advance estimate has somewhat lost its relevance given that it is always subjected to massive revisions,” DBS Bank economist Irvin Seah said. Full story
