Singapore's fourth quarter GDP growth revised lower, now 2.1 percent

Singapore"s fourth quarter economic growth was revised lower on a quarter-on-quarter basis
on Wednesday, due to a contraction in the manufacturing sector which has come under pressure recently.

The economy grew 2.1 percent in the fourth quarter from the previous three months on an annualized and seasonally-adjusted basis, revised final figures from the Ministry of Trade and
Industry showed on Wednesday.

The government"s initial estimate, released on Jan. 2, had showed that the economy grew 2.8 percent.

Gross domestic product grew 3.6 percent in the fourth quarter from a year earlier, accelerating from the advance estimate of 3.1 percent expansion.

The median forecast of 14 analysts in a Reuters poll had predicted 2 percent quarter-on-quarter growth and 2.9 percent on-year expansion.

The economy grew 3.6 percent in 2017, the ministry said, up from the advance estimate of 3.5 percent.